When x Becomes x': Sameness and the Internal Consistency of Choice
AbstractThe fact that any two choices are necessarily asynchronous raises the question of whether some alternative x at moment t remains the same alternative x at moment t + 1. It is argued that this question cannot be answered without taking into account the decision-maker’s perception of the choice problem. Consequently, an objective description of a choice problem is impossible for each description involves an interpretation. A definition of sameness is provided and an extension of the standard choice model is suggested. The problem of the possibility of different perceptions of the decision-maker and the observer is emphasized
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Bibliographic InfoPaper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 02-2013.
Length: 15 pages
Date of creation: Jun 2013
Date of revision:
sameness; categorization; internal consistency; choice theory; indifference; framing; subjectivism;
Find related papers by JEL classification:
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-09-25 (All new papers)
- NEP-CBE-2013-09-25 (Cognitive & Behavioural Economics)
- NEP-LAM-2013-09-25 (Central & South America)
- NEP-LTV-2013-09-25 (Unemployment, Inequality & Poverty)
- NEP-MIC-2013-09-25 (Microeconomics)
- NEP-NEU-2013-09-25 (Neuroeconomics)
- NEP-UPT-2013-09-25 (Utility Models & Prospect Theory)
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