AbstractIf choices depend on the decision maker's mood, is the attempt to derive any consistency in choice doomed? In this paper we argue that, even with full unpredictability of mood, the way choices from a menu relate to choices from another menu exhibits some structure. We present two alternative models of 'moody choice' and show that, in either of them, not all choice patterns are possible. Indeed, we characterise both models in terms of consistency requirements of the observed choice data.
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Bibliographic InfoPaper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2010-15.
Date of creation: 2010
Date of revision:
Bounded rationality; procedural rationality; utility maximization; choice behavior;
Other versions of this item:
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2001.
"Rationalizing Choice Functions by Multiple Rationales,"
Discussion Paper Series
dp278, The Center for the Study of Rationality, Hebrew University, Jerusalem.
- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November.
- Gil Kalai & Ariel Rubenstein & Ran Spiegler, 2001. "Rationalizing Choice Functions by Multiple Rationales," Economics Working Papers 0010, Institute for Advanced Study, School of Social Science.
- Casari, Marco & Dragone, Davide, 2011.
"Impatience, Anticipatory Feelings and Uncertainty:A Dynamic Experiment on Time Preferences,"
AICCON Working Papers
80-2011, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
- Marco Casari & Davide Dragone, 2010. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Jena Economic Research Papers 2010-087, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
- M. Casari & D. Dragone, 2011. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Working Papers wp777, Dipartimento Scienze Economiche, Universita' di Bologna.
- Dietrich, Franz & List, Christian, 2012. "Mentalism versus behaviourism in economics: a philosophy-of-science perspective," MPRA Paper 37813, University Library of Munich, Germany.
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