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On Freedom of Choice, Ambiguity, and the Preference for Easy Choices

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Author Info

  • Ricardo Arlegi

    ()
    (Departamento de Economía-UPNA)

  • Dinko Dimitrov

    ()
    (Bielefeld University, Germany)

Abstract

This paper is devoted to the study of opportunity set comparisons when the characteristics of the options within the sets in question may be ambiguous. We assume that agents display a preference for freedom of choice, but also aversion to the presence of ambiguous options. We propose a suitable environment for approaching this problem, and provide axiomatic characterizations of several rules for ranking sets in such a context.

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File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT0607.PDF
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Bibliographic Info

Paper provided by Departamento de Economía - Universidad Pública de Navarra in its series Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra with number 0607.

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Length: pages
Date of creation: 2006
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Publication status: Published in
Handle: RePEc:nav:ecupna:0607

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Related research

Keywords: ambiguity aversion; easy choices; ranking sets; freedom of choice.;

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References

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  1. W. Pesendorfer & F. Gul, 1999. "Self-Control and the Theory of Consumption," Princeton Economic Theory Papers 99f2, Economics Department, Princeton University.
  2. Dinko Dimitrov & Ruud Hendrickx & Peter Borm, 2004. "Good and bad objects: the symmetric difference rule," Economics Bulletin, AccessEcon, vol. 4(11), pages 1-7.
  3. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-24, December.
  4. Loomes, Graham & Sugden, Robert, 1986. "Disappointment and Dynamic Consistency in Choice under Uncertainty," Review of Economic Studies, Wiley Blackwell, vol. 53(2), pages 271-82, April.
  5. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
  6. Gul, Faruk, 1991. "A Theory of Disappointment Aversion," Econometrica, Econometric Society, vol. 59(3), pages 667-86, May.
  7. Prasanta K. Pattanaik & Yongsheng Xu,, . "On Diversity and Freedom of Choice," Discussion Papers 97/18, University of Nottingham, School of Economics.
  8. Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  9. W. Pesendorfer & F. Gul, 1999. "Temptation and Self-Control," Princeton Economic Theory Papers 99f1, Economics Department, Princeton University.
  10. Walter Bossert, 1996. "Opportunity sets and individual well-being," Social Choice and Welfare, Springer, vol. 14(1), pages 97-112.
  11. repec:ebl:ecbull:v:4:y:2004:i:11:p:1-7 is not listed on IDEAS
  12. Bossert Walter & Pattanaik Prasanta K. & Xu Yongsheng, 1994. "Ranking Opportunity Sets: An Axiomatic Approach," Journal of Economic Theory, Elsevier, vol. 63(2), pages 326-345, August.
  13. Bossert, Walter, 2000. "Opportunity sets and uncertain consequences1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 475-496, May.
  14. Simonson, Itamar, 1989. " Choice Based on Reasons: The Case of Attraction and Compromise Effects," Journal of Consumer Research, University of Chicago Press, vol. 16(2), pages 158-74, September.
  15. Jones, Peter & Sugden, Robert, 1982. "Evaluating choice," International Review of Law and Economics, Elsevier, vol. 2(1), pages 47-65, June.
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