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A Behavioural Model of Choice in the Presence of Decision Conflict

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  • Georgios Gerasimou

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Abstract

This paper proposes a model of choice that does not assume completeness of the decision maker's preferences. The model explains in a natural way, and within a uni ed framework of choice when preference-incomparable options are present, four behavioural phenomena: the attraction eff ect, choice deferral, the strengthening of the attraction eff ect when deferral is permissible, and status quo bias. The key element in the proposed decision rule is that an individual chooses an alternative from a menu if it is worse than no other alternative in that menu and is also better than at least one. Utility-maximising behaviour is included as a special case when preferences are complete. The relevance of the partial dominance idea underlying the proposed choice procedure is illustrated with an intuitive generalisation of weakly dominated strategies and their iterated deletion in games with vector payo ffs.

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Paper provided by Department of Economics, University of St. Andrews in its series Discussion Paper Series, Department of Economics with number 201302.

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Date of creation: 05 Jan 2013
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Handle: RePEc:san:wpecon:1302

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Keywords: Choice with incomplete preferences; attraction effect; status quo bias; games with vector payoffs; iterative dominance;

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