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Moody choice

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  • Manzini, Paola
  • Mariotti, Marco

Abstract

If 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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File URL: http://repo.sire.ac.uk/handle/10943/148
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Bibliographic Info

Paper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2010-15.

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Date of creation: 2010
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Handle: RePEc:edn:sirdps:148

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Related research

Keywords: Bounded rationality; procedural rationality; utility maximization; choice behavior;

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  1. Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November.
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Cited by:
  1. 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.
  2. 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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