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Moody choice

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  • Paola Manzini
  • Marco Mariotti

Abstract

If choices depend on the decision maker's mood, is the attempt to derive any consistency in choice doomed? In this paper we argue that, even with full unpredictability of mood, the way choices from a menu relate to choices from another menu exhibits some structure. We present two alternative models of moody choice. and show that, in either of them, not all choice patterns are possible. Indeed, we characterise both models in terms of consistency requirements of the observed choice data.

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Bibliographic Info

Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 1002.

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Date of creation: May 2010
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Handle: RePEc:san:crieff:1002

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Keywords: Bounded rationality; procedural rationality; utility maximization; choice behavior.;

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  1. Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2001. "Rationalizing Choice Functions by Multiple Rationales," Discussion Paper Series, The Center for the Study of Rationality, Hebrew University, Jerusalem dp278, The Center for the Study of Rationality, Hebrew University, Jerusalem.
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Cited by:
  1. Marco Casari & Davide Dragone, 2010. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Jena Economic Research Papers 2010-087, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  2. Dietrich, Franz & List, Christian, 2012. "Mentalism versus behaviourism in economics: a philosophy-of-science perspective," MPRA Paper 37813, University Library of Munich, Germany.

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