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Never choose the uniquely largest A Characterization

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Author Info
Nick Baigent
Wulf Gaertner

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Abstract

In this paper we characterize choice behaviour that picks the second largest element if there is a uniquely largest; otherwise, the largest elements are picked. Having defined our choice function, we offer a complete characterization of the latter in terms of pure choice function conditions. Similarities to and divergences from conventional choice theory are explained. We discuss the motivations underlying our exercise and provide several examples for the axiomatized choice behaviour.

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

Volume (Year): 8 (1996)
Issue (Month): 2 ()
Pages: 239-249
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Handle: RePEc:spr:joecth:v:8:y:1996:i:2:p:239-249

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Find related papers by JEL classification:
D10 - Microeconomics - - Household Behavior - - - General
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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  1. Christopher J.Tyson, 2005. "Axiomatic Foundations for Satisficing Behavior," Economics Papers 2005-W03, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
  2. Charles Blackorby, & Walter Bossert & David Donaldson,, . "Rationalizable Solutions to Pure Population Problems," Discussion Papers 97/12, University of Nottingham, School of Economics. [Downloadable!]
    Other versions:
  3. Leima Davidovitz & Yoram Kroll, 1999. "Choices in Egalitarian Distribution: Inequality Aversion versus Risk Aversion," STICERD - Distributional Analysis Research Programme Papers 43, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  4. Paola Manzini & Marco Mariotti, 2004. "Rationalizing Boundedly Rational Choice," Microeconomics 0407005, EconWPA, revised 21 Jul 2005. [Downloadable!]
  5. 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). [Downloadable!]
  6. 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. [Downloadable!]
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