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Behavioral Implications of Shortlisting Procedures

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  • Christopher J. Tyson

    ()
    (Queen Mary, University of London)

Abstract

We consider two-stage "shortlisting procedures" in which the menu of alternatives is first pruned by some process or criterion and then a binary relation is maximized. Given a particular first-stage process, our main result supplies a necessary and sufficient condition for choice data to be consistent with a procedure in the designated class. This result applies to any class of procedures with a certain lattice structure, including the cases of "consideration filters," "satisficing with salience effects," and "rational shortlist methods." The theory avoids background assumptions made for mathematical convenience; in this and other respects following Richter's classical analysis of preference-maximizing choice in the absence of shortlisting.

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Bibliographic Info

Paper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 697.

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Date of creation: Oct 2012
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Handle: RePEc:qmw:qmwecw:wp697

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Keywords: Attention; Complete lattice; Consideration set; Revealed preference;

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  1. Clark, Stephen A, 1988. "An Extension Theorem for Rational Choice Functions," Review of Economic Studies, Wiley Blackwell, vol. 55(3), pages 485-92, July.
  2. Sen, Amartya K, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 38(115), pages 307-17, July.
  3. Spears Dean, 2011. "Intertemporal Bounded Rationality as Consideration Sets with Contraction Consistency," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 11(1), pages 1-16, June.
  4. Tyson, Chris, 2001. "The Foundations of Imperfect Decision Making," Research Papers 1714, Stanford University, Graduate School of Business.
  5. Suzumura, Kotaro, 1976. "Rational Choice and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 149-58, February.
  6. Paola Manzini & Marco Mariotti, 2012. "Categorize Then Choose: Boundedly Rational Choice And Welfare," Journal of the European Economic Association, European Economic Association, vol. 10(5), pages 1141-1165, October.
  7. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2001. "Rationalizability of Choice Functions on General Domains Without Full Transitivity," Discussion Paper 28, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  8. Kfir Eliaz & Ran Spiegler, 2011. "Consideration Sets and Competitive Marketing," Review of Economic Studies, Oxford University Press, vol. 78(1), pages 235-262.
  9. Johnson, Mark R. & Dean, Richard A., 2001. "Locally complete path independent choice functions and their lattices," Mathematical Social Sciences, Elsevier, vol. 42(1), pages 53-87, July.
  10. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
  11. Sen, Amartya K, 1977. "Social Choice Theory: A Re-examination," Econometrica, Econometric Society, vol. 45(1), pages 53-89, January.
  12. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, vol. 102(5), pages 2183-2205, August.
  13. Christopher J. Tyson, 2007. "Cognitive Constraints, Contraction Consistency, and the Satisficing Criterion," Working Papers 614, Queen Mary, University of London, School of Economics and Finance.
  14. Fishburn, Peter C, 1975. "Semiorders and Choice Functions," Econometrica, Econometric Society, vol. 43(5-6), pages 975-77, Sept.-Nov.
  15. Marco Mariotti, 2008. "What kind of preference maximization does the weak axiom of revealed preference characterize?," Economic Theory, Springer, vol. 35(2), pages 403-406, May.
  16. Bordes, Georges, 1976. "Consistency, Rationality and Collective Choice," Review of Economic Studies, Wiley Blackwell, vol. 43(3), pages 451-57, October.
  17. Sen, Amartya K, 1969. "Quasi-Transitivity, Rational Choice and Collective Decisions," Review of Economic Studies, Wiley Blackwell, vol. 36(107), pages 381-93, July.
  18. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  19. Hauser, John R & Wernerfelt, Birger, 1990. " An Evaluation Cost Model of Consideration Sets," Journal of Consumer Research, University of Chicago Press, vol. 16(4), pages 393-408, March.
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Cited by:
  1. Manzini, Paola & Mariotti, Marco, 2012. "Stochastic Choice and Consideration Sets," IZA Discussion Papers 6905, Institute for the Study of Labor (IZA).
  2. Geoffroy de Clippel & Kareen Rozen, 2012. "Bounded Rationality and Limited Datasets," Cowles Foundation Discussion Papers 1853, Cowles Foundation for Research in Economics, Yale University, revised May 2014.
  3. Rohan Dutta & Sean Horan, 2013. "Inferring Rationales from Choice : Identification for Rational Shortlist Methods," Cahiers de recherche 09-2013, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.
  4. Jose Apesteguia & Miguel Angel Ballester, 2012. "Choice By Sequential Procedures," Working Papers 615, Barcelona Graduate School of Economics.
  5. Geoffroy de Clippel & Kareen Rozen, 2012. "Bounded Rationality and Limited Datasets: Testable Implications, Identifiability, and Out-of-Sample Prediction," Working Papers 2012-7, Brown University, Department of Economics.

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