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On the Structure of Choice Under Different External References

Author

Listed:
  • 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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Suggested Citation

  • Wulf Gaertner & Yongsheng Xu,, 1997. "On the Structure of Choice Under Different External References," Discussion Papers 97/19, University of Nottingham, School of Economics.
    • Handle: RePEc:not:notecp:97/19
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    Citations

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    Cited by:

    1. Giovanni Razzu, 2021. "Economics and duty-motivated choices," Economics Discussion Papers em-dp2021-02, Department of Economics, University of Reading.
    2. 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.
    3. Antoinette Baujard, 2006. "Une critique opérationnelle du welfarisme dans la prise de décision publique," Post-Print halshs-00155130, HAL.
    4. 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), pages 205-215.
    5. Walter Bossert & Kotaro Suzumura, 2011. "Rationality, external norms, and the epistemic value of menus," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 37(4), pages 729-741, October.
    6. Antoinette Baujard, 2006. "L'estimation des préférences individuelles en vue de la décision publique.. Problèmes, paradoxes, enjeux," Economie & Prévision, La Documentation Française, vol. 0(4), pages 51-63.
    7. Andreas Tutić, 2015. "Revealed norm obedience," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 44(2), pages 301-318, February.
    8. Manzini, Paola & Mariotti, Marco, 2004. "Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods," IZA Discussion Papers 1239, Institute of Labor Economics (IZA).
    9. 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.
    10. Andrew McKay & Oliver Morrissey & Charlotte Vaillant, 1998. "Aggregate Export and Food Crop Supply Response in Tanzania," Discussion Papers 98/4, University of Nottingham, CREDIT.
    11. Paola Manzini & Marco Mariotti, 2004. "Rationalizing Boundedly Rational Choice," Microeconomics 0407005, University Library of Munich, Germany, revised 21 Dec 2005.

    More about this item

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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