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Moody Choice

Author

Listed:
  • Manzini, Paola

    (University of Bristol)

  • Mariotti, Marco

    (Queen Mary, University of London)

Abstract

If 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.

Suggested Citation

  • Manzini, Paola & Mariotti, Marco, 2010. "Moody Choice," IZA Discussion Papers 5005, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp5005
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    References listed on IDEAS

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    Cited by:

    1. Marco Casari & Davide Dragone, 2015. "Choice reversal without temptation: A dynamic experiment on time preferences," Journal of Risk and Uncertainty, Springer, vol. 50(2), pages 119-140, April.

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    More about this item

    Keywords

    bounded rationality; procedural rationality; utility maximization; choice behavior;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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