A Million Answers to Twenty Questions: Choosing by Checklist
AbstractMany decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Moreover, the length of the shortest checklist as a proportion of the number of an agent’s indifference classes shrinks to 0 (at an exponential rate) as the number of indifference classes increases. Checklists therefore provide a rapid procedural basis for utility maximization.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3377.
Length: 26 pages
Date of creation: Feb 2008
Date of revision:
Publication status: published in: Journal of Economic Theory, 2012, 147 (1), 71-92
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Other versions of this item:
- 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.
- Michael Mandler & Paola Manzini & Marco Mariotti, 2008. "A Million Answers to Twenty Questions: Choosing by Checklist," Working Papers 622, Queen Mary, University of London, School of Economics and Finance.
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-03-15 (All new papers)
- NEP-CBE-2008-03-15 (Cognitive & Behavioural Economics)
- NEP-MKT-2008-03-15 (Marketing)
- NEP-UPT-2008-03-15 (Utility Models & Prospect Theory)
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