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Simple and Inertial Behavior: An Optimizing Decision Model with Imprecise Perceptions

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Author Info
Vega-Redondo, Fernando

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Abstract

Simplicity and inertial (or status-quo) bias are common features of actual decision rules used by real-life agents. In this paper, we provide one possible rationale for these features in terms of a model in which the decision maker is subject to imprecise perceptions about the consequences of action that differ from (an already experienced) status quo.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 3 (1993)
Issue (Month): 1 (January)
Pages: 87-98
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Handle: RePEc:spr:joecth:v:3:y:1993:i:1:p:87-98

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  2. Kets, Willemien & Voorneveld, Mark, 2005. "Learning to be prepared," Discussion Paper 117, Tilburg University, Center for Economic Research. [Downloadable!]
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  3. Jörgen Weibull & Lars-Göran Mattsson & Mark Voorneveld, 2007. "Better May be Worse: Some Monotonicity Results and Paradoxes in Discrete Choice Under Uncertainty," Theory and Decision, Springer, vol. 63(2), pages 121-151, September. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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