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Two-stage threshold representations

Author

Listed:
  • Manzini, Paola

    () (School of Economics and Finance, University of St. Andrews)

  • Tyson, Christopher J.

    () (School of Economics and Finance, Queen Mary University of London)

  • Mariotti, Marco

    () (School of Economics and Finance, University of St. Andrews)

Abstract

We study two-stage choice procedures in which the decision maker first preselects the alternatives whose values according to a criterion pass a menu-dependent threshold, and then maximizes a second criterion to narrow the selection further. This framework overlaps with several existing models that have various interpretations and impose various additional restrictions on behavior. We show that the general class of procedures is characterized by acyclicity of the revealed "first-stage separation relation."

Suggested Citation

  • Manzini, Paola & Tyson, Christopher J. & Mariotti, Marco, 2013. "Two-stage threshold representations," Theoretical Economics, Econometric Society, vol. 8(3), September.
  • Handle: RePEc:the:publsh:1048
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    File URL: http://econtheory.org/ojs/index.php/te/article/viewFile/20130875/9499/291
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    References listed on IDEAS

    as
    1. Tyson, Christopher J., 2008. "Cognitive constraints, contraction consistency, and the satisficing criterion," Journal of Economic Theory, Elsevier, vol. 138(1), pages 51-70, January.
    2. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    3. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, pages 2183-2205.
    4. Fuad Aleskerov & Denis Bouyssou & Bernard Monjardet, 2007. "Utility Maximization, Choice and Preference," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00197186, HAL.
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    Citations

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    Cited by:

    1. Christopher Tyson, 2015. "Satisficing behavior with a secondary criterion," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, pages 639-661.
    2. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J., 2016. "Partial knowledge restrictions on the two-stage threshold model of choice," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 41-47.
    3. Bleile, Jörg, 2016. "Limited Attention in Case-Based Belief Formation," Center for Mathematical Economics Working Papers 518, Center for Mathematical Economics, Bielefeld University.
    4. Danilov, V., 2015. "Beyond Classical Rationality: Two-Stage Rationalization," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 12-35.
    5. D. Pennesi, 2016. "When perfectionism becomes willpower," Working Papers wp1050, Dipartimento Scienze Economiche, Universita' di Bologna.
    6. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J, 2015. "Partial Knowledge Restrictions on theTwo-Stage Threshold Model of Choice," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-58, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    More about this item

    Keywords

    Attention; choice function; revealed preference; satisficing;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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