A Million Answers to Twenty Questions: Choosing by Checklist
AbstractMany decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Moreover, the length of the shortest checklist as a proportion of the number of an agent's indifference classes shrinks to 0 (at an exponential rate) as the number of indifference classes increases. Checklists therefore provide a rapid procedural basis for utility maximization.
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Bibliographic InfoPaper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 622.
Date of creation: Mar 2008
Date of revision:
Bounded rationality; Procedural rationality; Utility maximization; Choice behavior;
Other versions of this item:
- Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2012. "A million answers to twenty questions: Choosing by checklist," Journal of Economic Theory, Elsevier, vol. 147(1), pages 71-92.
- Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2008. "A Million Answers to Twenty Questions: Choosing by Checklist," IZA Discussion Papers 3377, Institute for the Study of Labor (IZA).
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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