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On the Structure of Choice Under Different External References

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  • Wulf Gaertner
  • Yongsheng Xu,

Abstract

In this paper we fully characterize an individual's choice behaviour according to three different so-called external references. The first system which we describe axiomatically is standard utility maximization or preference optimization. The second approach characterizes the choice of the second largest element as an optimal choice, the third system is the choice of a medium element, also as a first best choice. For all three approaches, we have established a common axiomatic structure which allows us to point out rather precisely congruences and divergences among the different systems considered.

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Paper provided by University of Nottingham, School of Economics in its series Discussion Papers with number 97/19.

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Handle: RePEc:not:notecp:97/19

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Cited by:
  1. Andrew McKay & Oliver Morrissey & Charlotte Vaillant, . "Aggregate Export and Food Crop Supply Response in Tanzania," Discussion Papers 98/4, University of Nottingham, CREDIT.
  2. Antoinette Baujard, 2006. "Une critique opérationnelle du welfarisme dans la prise de décision publique," Post-Print halshs-00155130, HAL.
  3. Lanzi, Diego, 2011. "Frames as choice superstructures," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(2), pages 115-123, April.
  4. Walter Bossert & Kotaro Suzumura, 2011. "Rationality, external norms, and the epistemic value of menus," Social Choice and Welfare, Springer, vol. 37(4), pages 729-741, October.
  5. Anand, Paul & Krishnakumar, Jaya & Tran, Ngoc Bich, 2011. "Measuring welfare: Latent variable models for happiness and capabilities in the presence of unobservable heterogeneity," Journal of Public Economics, Elsevier, vol. 95(3-4), pages 205-215, April.
  6. Antoinette Baujard, 2006. "L'estimation des préférences individuelles en vue de la décision publique. Problèmes, paradoxes, enjeux," Économie et Prévision, Programme National Persée, vol. 175(4), pages 51-63.
  7. Manzini, Paola & Mariotti, Marco, 2004. "Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods," IZA Discussion Papers 1239, Institute for the Study of Labor (IZA).
  8. Paola Manzini & Marco Mariotti, 2004. "Rationalizing Boundedly Rational Choice," Microeconomics 0407005, EconWPA, revised 21 Jul 2005.
  9. Ritxar Arlegi, 2001. "Rational Evaluation of Actions Under Complete Uncertainty," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0114, Departamento de Economía - Universidad Pública de Navarra.

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