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Rational agents are the quickest

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  • Mandler, Michael

Abstract

Suppose an agent chooses by proceeding through a sequence of criteria: for any pair of alternatives the first criterion that ranks the pair determines the agent's choice. Given any constraint on the capacity of the criteria to discriminate, choices that maximize complete and transitive preferences are always the outcome of a ‘quick’ sequence that uses the minimum number of criteria. For any irrational preference on the other hand there is always a discrimination constraint such that the preference is not the outcome of a quick sequence. When an agent uses attributes to form criteria and each attribute is rationally ordered, a quick sequence that leads to rational preferences necessarily arises.

Suggested Citation

  • Mandler, Michael, 2015. "Rational agents are the quickest," Journal of Economic Theory, Elsevier, vol. 155(C), pages 206-233.
    • Handle: RePEc:eee:jetheo:v:155:y:2015:i:c:p:206-233
    DOI: 10.1016/j.jet.2014.10.003
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    Cited by:

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    2. Michael Mandler, 2021. "The lexicographic method in preference theory," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(2), pages 553-577, March.

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    More about this item

    Keywords

    Rationality; Decision-making efficiency; Order-isomorphism;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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