Choice by lexicographic semiorders
AbstractIn Tversky's (1969) model of a lexicographic semiorder, preference is generated by the sequential application of numerical criteria, by declaring an alternative x better than an alternative y if the first criterion that distinguishes between x and y ranks x higher than y by an amount exceeding a fixed threshold. We generalize this idea to a fully-fledged model of boundedly rational choice. We explore the connection with sequential rationalizability of choice (Apesteguia and Ballester 2009, Manzini and Mariotti 2007), and we provide axiomatic characterizations of both models in terms of observable choice data.
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Bibliographic InfoArticle provided by Econometric Society in its journal Theoretical Economics.
Volume (Year): 7 (2012)
Issue (Month): 1 (January)
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Web page: http://econtheory.org
Lexicographic semiorders; bounded rationality; revealed preference; choice;
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- D0 - Microeconomics - - General
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- Jose Apesteguia & Miguel Angel Ballester, 2012.
"Choice By Sequential Procedures,"
615, Barcelona Graduate School of Economics.
- Jose Apesteguia & Miguel Ballester, 2009. "Choice by Sequential Procedures," NajEcon Working Paper Reviews 814577000000000404, www.najecon.org.
- Jose Apesteguia & Miguel A. Ballester, 2012. "Choice by sequential procedures," Economics Working Papers 1309, Department of Economics and Business, Universitat Pompeu Fabra.
- Au, Pak Hung & Kawai, Keiichi, 2011.
"Sequentially Rationalizable Choice with Transitive Rationales,"
29687, University Library of Munich, Germany.
- Au, Pak Hung & Kawai, Keiichi, 2011. "Sequentially rationalizable choice with transitive rationales," Games and Economic Behavior, Elsevier, vol. 73(2), pages 608-614.
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