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Choice by lexicographic semiorders

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Author Info

  • Mariotti, Marco

    ()
    (School of Economics and Finance, University of St Andrews)

  • Manzini, Paola

    ()
    (School of Economics and Finance, University of St Andrews)

Abstract

In 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 Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 7 (2012)
Issue (Month): 1 (January)
Pages:

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Handle: RePEc:the:publsh:679

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Web page: http://econtheory.org

Related research

Keywords: Lexicographic semiorders; bounded rationality; revealed preference; choice;

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Cited by:
  1. Jose Apesteguia & Miguel Angel Ballester, 2012. "Choice By Sequential Procedures," Working Papers 615, Barcelona Graduate School of Economics.
  2. Au, Pak Hung & Kawai, Keiichi, 2011. "Sequentially Rationalizable Choice with Transitive Rationales," MPRA Paper 29687, University Library of Munich, Germany.

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