AbstractIf 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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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5005.
Length: 34 pages
Date of creation: Jun 2010
Date of revision:
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Other versions of this item:
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-03 (All new papers)
- NEP-CBE-2010-07-03 (Cognitive & Behavioural Economics)
- NEP-HPE-2010-07-03 (History & Philosophy of Economics)
- NEP-UPT-2010-07-03 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2001.
"Rationalizing Choice Functions by Multiple Rationales,"
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dp278, The Center for the Study of Rationality, Hebrew University, Jerusalem.
- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November.
- Gil Kalai & Ariel Rubenstein & Ran Spiegler, 2001. "Rationalizing Choice Functions by Multiple Rationales," Economics Working Papers 0010, Institute for Advanced Study, School of Social Science.
- Marco Casari & Davide Dragone, 2010.
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- M. Casari & D. Dragone, 2011. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Working Papers wp777, Dipartimento Scienze Economiche, Universita' di Bologna.
- 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.
- 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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