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Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods Author info | Abstract | Publisher info | Download info | Related research | Statistics Manzini, Paola () (Queen Mary, University of London and IZA Bonn)
Mariotti, Marco (Queen Mary, University of London)
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A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts translate into economic language some human choice heuristics studied in psychology. We provide a full characterization of RSMs and study some properties of sequential rationalizability. These properties allow some degree of menu dependence in choice.
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number
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Length: 28 pages
Date of creation: Aug 2004Date of revision:
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Keywords: rationalizability of choice bounded rationality intransitive choice incomplete preferences menu dependence Other versions of this item:
Find related papers by JEL classification: D0 - Microeconomics - - General
This paper has been announced in the following NEP Reports :
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