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List-based decision problems

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  • Dimitrov, Dinko
  • Mukherjee, Saptarshi
  • Muto, Nozomu

Abstract

When encountering a set of alternatives displayed in the form of a list, the decision maker usually determines a particular alternative, after which she stops checking the remaining ones, and chooses an alternative from those observed so far. We present a framework in which both decision problems are explicitly modeled, and axiomatically characterize a stop-and-choose rule which unifies position-biased successive choice and satisficing choice.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25504/1/070econDP13-02.pdf
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Bibliographic Info

Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2013-02.

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Length: 17 p.
Date of creation: Mar 2013
Date of revision:
Handle: RePEc:hit:econdp:2013-02

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Keywords: choice function; list; satisficing choice; stopping decision; successive choice;

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  1. Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2012. "A million answers to twenty questions: Choosing by checklist," Journal of Economic Theory, Elsevier, vol. 147(1), pages 71-92.
  2. Yuval Salant & Ariel Rubinstein, 2008. "(A, f): Choice with Frames -super-1," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1287-1296.
  3. Kristin Diehl & Gal Zauberman, 2005. "Searching Ordered Sets: Evaluations from Sequences under Search," Journal of Consumer Research, University of Chicago Press, vol. 31(4), pages 824-832, 03.
  4. Caplin, Andrew & Dean, Mark, 2011. "Search, choice, and revealed preference," Theoretical Economics, Econometric Society, vol. 6(1), January.
  5. Nakajima, Daisuke & Masatlioglu, Yusufcan, 2013. "Choice by iterative search," Theoretical Economics, Econometric Society, vol. 8(3), September.
  6. Yuval Salant, 2011. "Procedural Analysis of Choice Rules with Applications to Bounded Rationality," American Economic Review, American Economic Association, vol. 101(2), pages 724-48, April.
  7. Rubinstein, Ariel & Salant, Yuval, 2006. "A model of choice from lists," Theoretical Economics, Econometric Society, vol. 1(1), pages 3-17, March.
  8. Weitzman, Martin L, 1979. "Optimal Search for the Best Alternative," Econometrica, Econometric Society, vol. 47(3), pages 641-54, May.
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