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A procedural model of decreasing indecisiveness

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  • Ramses H Abul Naga
  • Mauro Papi

Abstract

In accordance with Plott’s Discovered Preference Hypothesis, we model a decision-maker (DM) who starts life as indecisive, and—over time and through experience—gradually resolves their indecisiveness, until they fully discover their preferences. On the basis of two well-documented behavioural regularities, we provide an axiomatization of the evolution of the DM’s preferences that results in a model of decreasing indecisiveness. In the resulting axiomatization, the DM’s preferences at period t are given by a semiorder with threshold parameter σ(t), where σ(t) is a strictly decreasing function over time periods. We next study how two firms compete in a market consisting of a single indecisive consumer, thereby illustrating how preference discovery may be shaped by strategic interactions between firms.

Suggested Citation

  • Ramses H Abul Naga & Mauro Papi, 2025. "A procedural model of decreasing indecisiveness," Oxford Economic Papers, Oxford University Press, vol. 77(4), pages 954-969.
    • Handle: RePEc:oup:oxecpp:v:77:y:2025:i:4:p:954-969.
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    File URL: http://hdl.handle.net/10.1093/oep/gpaf010
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    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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