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Behavioral implications of shortlisting procedures

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  • Christopher Tyson

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Abstract

We consider two-stage “shortlisting procedures” in which the menu of alternatives is first pruned by some process or criterion and then a binary relation is maximized. Given a particular first-stage process, our main result supplies a necessary and sufficient condition for choice data to be consistent with a procedure in the designated class. This result applies to any class of procedures with a certain lattice structure, including the cases of “consideration filters,” “satisficing with salience effects,” and “rational shortlist methods.” The theory avoids background assumptions made for mathematical convenience; in this and other respects following Richter’s classical analysis of preference-maximizing choice in the absence of shortlisting. Copyright Springer-Verlag Berlin Heidelberg 2013

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Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 41 (2013)
Issue (Month): 4 (October)
Pages: 941-963

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Handle: RePEc:spr:sochwe:v:41:y:2013:i:4:p:941-963

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  1. Kfir Eliaz & Ran Spiegler, 2011. "Consideration Sets and Competitive Marketing," Review of Economic Studies, Oxford University Press, vol. 78(1), pages 235-262.
  2. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
  3. Marco Mariotti, 2008. "What kind of preference maximization does the weak axiom of revealed preference characterize?," Economic Theory, Springer, vol. 35(2), pages 403-406, May.
  4. Tyson, Chris, 2001. "The Foundations of Imperfect Decision Making," Research Papers 1714, Stanford University, Graduate School of Business.
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  6. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, vol. 102(5), pages 2183-2205, August.
  7. Johnson, Mark R. & Dean, Richard A., 2001. "Locally complete path independent choice functions and their lattices," Mathematical Social Sciences, Elsevier, vol. 42(1), pages 53-87, July.
  8. Fishburn, Peter C, 1975. "Semiorders and Choice Functions," Econometrica, Econometric Society, vol. 43(5-6), pages 975-77, Sept.-Nov.
  9. Sen, Amartya K, 1969. "Quasi-Transitivity, Rational Choice and Collective Decisions," Review of Economic Studies, Wiley Blackwell, vol. 36(107), pages 381-93, July.
  10. Bossert, W. & Sprumont, Y. & Suzumura, K., 2001. "Rationalizability of Choice Functions on General Domains without Full Transitivity," Cahiers de recherche 2001-13, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  11. Hauser, John R & Wernerfelt, Birger, 1990. " An Evaluation Cost Model of Consideration Sets," Journal of Consumer Research, University of Chicago Press, vol. 16(4), pages 393-408, March.
  12. Paola Manzini & Marco Mariotti, 2012. "Categorize Then Choose: Boundedly Rational Choice And Welfare," Journal of the European Economic Association, European Economic Association, vol. 10(5), pages 1141-1165, October.
  13. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  14. Bordes, Georges, 1976. "Consistency, Rationality and Collective Choice," Review of Economic Studies, Wiley Blackwell, vol. 43(3), pages 451-57, October.
  15. Suzumura, Kotaro, 1976. "Rational Choice and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 149-58, February.
  16. Spears Dean, 2011. "Intertemporal Bounded Rationality as Consideration Sets with Contraction Consistency," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 11(1), pages 1-16, June.
  17. Sen, Amartya K, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 38(115), pages 307-17, July.
  18. Clark, Stephen A, 1988. "An Extension Theorem for Rational Choice Functions," Review of Economic Studies, Wiley Blackwell, vol. 55(3), pages 485-92, July.
  19. Christopher J. Tyson, 2007. "Cognitive Constraints, Contraction Consistency, and the Satisficing Criterion," Working Papers 614, Queen Mary, University of London, School of Economics and Finance.
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Cited by:
  1. Apesteguia, Jose & Ballester, Miguel A., 2013. "Choice by sequential procedures," Games and Economic Behavior, Elsevier, vol. 77(1), pages 90-99.
  2. Manzini, Paola & Mariotti, Marco, 2012. "Stochastic Choice and Consideration Sets," IZA Discussion Papers 6905, Institute for the Study of Labor (IZA).
  3. Geoffroy de Clippel & Kareen Rozen, 2012. "Bounded Rationality and Limited Datasets: Testable Implications, Identifiability, and Out-of-Sample Prediction," Working Papers 2012-7, Brown University, Department of Economics.
  4. Rohan Dutta & Sean Horan, 2013. "Inferring Rationales from Choice : Identification for Rational Shortlist Methods," Cahiers de recherche 09-2013, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  5. Geoffroy de Clippel & Kareen Rozen, 2012. "Bounded Rationality and Limited Datasets," Cowles Foundation Discussion Papers 1853, Cowles Foundation for Research in Economics, Yale University, revised May 2014.

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