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A multiattribute decision time theory

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  • Nobuo Koida

    (Iwate Prefectural University)

Abstract

In this study, we analyze choice in the presence of some conflict that affects the decision time (response time), a subject that has been documented in the literature. We axiomatize a multiattribute decision time (MDT) representation, which is a dynamic extension of the classic multiattribute expected utility theory that allows potentially incomplete preferences. Under this framework, one alternative is preferred to another in a certain period if and only if the weighted sum of the attribute-dependent expected utility induced by the former alternative is larger than that induced by the latter for all attribute weights in a closed and convex set. MDT uniquely determines the decision time as the earliest period at which the ranking between alternatives becomes decisive. The comparative statics result indicates that the decision time provides useful information to locate indifference curves in a specific setting. MDT also explains various empirical findings in economics and other relevant fields.

Suggested Citation

  • Nobuo Koida, 2017. "A multiattribute decision time theory," Theory and Decision, Springer, vol. 83(3), pages 407-430, October.
    • Handle: RePEc:kap:theord:v:83:y:2017:i:3:d:10.1007_s11238-017-9601-4
    DOI: 10.1007/s11238-017-9601-4
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    References listed on IDEAS

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    Cited by:

    1. Aoyama, Tomohito, 2020. "Response time and revealed information structure," Discussion paper series HIAS-E-101, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    2. Nobuo Koida, 2021. "Intransitive indifference with direction-dependent sensitivity," KIER Working Papers 1061, Kyoto University, Institute of Economic Research.
    3. D. Pennesi, 2016. "Deciding fast and slow," Working Papers wp1082, Dipartimento Scienze Economiche, Universita' di Bologna.

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