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On the structure of choice under different external references

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  • Wulf Gaertner

    ()
    (Department of Economics, University of Osnabrück, D-49069 Osnabrück, GERMANY)

  • Yongsheng Xu

    (Department of Economics, University of Nottingham, Nottingham, UK)

Abstract

In this paper we fully characterize an individual's choice behaviour according to three different so-called external references. The first system which we describe axiomatically is standard utility maximization or preference optimization. The second approach characterizes the choice of the second largest element as an optimal choice, the third system is the choice of a medium element, also as a first best choice. For all three approaches, we have established a common axiomatic structure which allows us to point out rather precisely congruences and divergences among the different systems considered.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 14 (1999)
Issue (Month): 3 ()
Pages: 609-620

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Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:609-620

Note: Received: December 12, 1997; revised version: September 15, 1998
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Related research

Keywords: Choice functions; Rationalizability; External references; Norms.;

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Cited by:
  1. Anand, Paul & Krishnakumar, Jaya & Tran, Ngoc Bich, 2011. "Measuring welfare: Latent variable models for happiness and capabilities in the presence of unobservable heterogeneity," Journal of Public Economics, Elsevier, vol. 95(3), pages 205-215.
  2. Paola Manzini & Marco Mariotti, 2004. "Rationalizing Boundedly Rational Choice," Microeconomics 0407005, EconWPA, revised 21 Jul 2005.
  3. BOSSERT, Walter & SUZUMURA, Kotaro, 2008. "Rationality, External Norms and the Epistemic Value of Menus," Cahiers de recherche 10-2008, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  4. Lanzi, Diego, 2011. "Frames as choice superstructures," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(2), pages 115-123, April.
  5. Andrew McKay & Oliver Morrissey & Charlotte Vaillant, . "Aggregate Export and Food Crop Supply Response in Tanzania," Discussion Papers 98/4, University of Nottingham, CREDIT.
  6. Antoinette Baujard, 2006. "Une critique opérationnelle du welfarisme dans la prise de décision publique," Post-Print halshs-00155130, HAL.
  7. Manzini, Paola & Mariotti, Marco, 2004. "Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods," IZA Discussion Papers 1239, Institute for the Study of Labor (IZA).
  8. Ritxar Arlegi, 2001. "Rational Evaluation of Actions Under Complete Uncertainty," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0114, Departamento de Economía - Universidad Pública de Navarra.

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