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Choice by lexicographic semiorders

Author

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  • Manzini, Paola

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

  • Mariotti, Marco

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

Abstract

In Tversky's (1969) model of a lexicographic semiorder, preference is generated by the sequential application of numerical criteria, by declaring an alternative x better than an alternative y if the first criterion that distinguishes between x and y ranks x higher than y by an amount exceeding a fixed threshold. We generalize this idea to a fully-fledged model of boundedly rational choice. We explore the connection with sequential rationalizability of choice (Apesteguia and Ballester 2009, Manzini and Mariotti 2007), and we provide axiomatic characterizations of both models in terms of observable choice data.

Suggested Citation

  • Manzini, Paola & Mariotti, Marco, 2012. "Choice by lexicographic semiorders," Theoretical Economics, Econometric Society, vol. 7(1), January.
  • Handle: RePEc:the:publsh:679
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    References listed on IDEAS

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    1. Apesteguia, Jose & Ballester, Miguel A., 2013. "Choice by sequential procedures," Games and Economic Behavior, Elsevier, vol. 77(1), pages 90-99.
    2. Michele Lombardi, 2008. "Uncovered set choice rules," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 31(2), pages 271-279, August.
    3. Leland, Jonathan W, 1994. "Generalized Similarity Judgments: An Alternative Explanation for Choice Anomalies," Journal of Risk and Uncertainty, Springer, vol. 9(2), pages 151-172, October.
    4. Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2012. "A million answers to twenty questions: Choosing by checklist," Journal of Economic Theory, Elsevier, vol. 147(1), pages 71-92.
    5. Ehlers, Lars & Sprumont, Yves, 2008. "Weakened WARP and top-cycle choice rules," Journal of Mathematical Economics, Elsevier, vol. 44(1), pages 87-94, January.
    6. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, vol. 102(5), pages 2183-2205, August.
    7. Rubinstein, Ariel, 1988. "Similarity and decision-making under risk (is there a utility theory resolution to the Allais paradox?)," Journal of Economic Theory, Elsevier, vol. 46(1), pages 145-153, October.
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    Citations

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    Cited by:

    1. repec:eee:transb:v:101:y:2017:i:c:p:72-88 is not listed on IDEAS
    2. Au, Pak Hung & Kawai, Keiichi, 2011. "Sequentially rationalizable choice with transitive rationales," Games and Economic Behavior, Elsevier, vol. 73(2), pages 608-614.
    3. Paola Manzini & Marco Mariotti & Christopher J. Tyson, 2016. "Partial Knowledge Restrictions on the Two-Stage Threshold Model of Choice," Working Papers 790, Queen Mary University of London, School of Economics and Finance.
    4. Apesteguia, Jose & Ballester, Miguel A., 2013. "Choice by sequential procedures," Games and Economic Behavior, Elsevier, vol. 77(1), pages 90-99.
    5. 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.
    6. Mandler, Michael, 2015. "Rational agents are the quickest," Journal of Economic Theory, Elsevier, vol. 155(C), pages 206-233.
    7. Manzini, Paola & Mariotti, Marco, 2010. "Moody Choice," IZA Discussion Papers 5005, Institute for the Study of Labor (IZA).
    8. García-Sanz, María D. & Alcantud, José Carlos R., 2015. "Sequential rationalization of multivalued choice," Mathematical Social Sciences, Elsevier, vol. 74(C), pages 29-33.
    9. Tom Cunningham & Jonathan de Quidt, 2016. "Implicit Preferences Inferred from Choice," CESifo Working Paper Series 5704, CESifo Group Munich.
    10. Sophie Bade, 2016. "Pareto-optimal matching allocation mechanisms for boundedly rational agents," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 47(3), pages 501-510, October.
    11. Hiroki Nishimura, 2014. "The Transitive Core: Inference of Welfare from Nontransitive Preference Relations," Working Papers 201419, University of California at Riverside, Department of Economics.
    12. Albrecht, E & Baum, Günter & Bellunato, T & Birsa, R & Bradamante, F & Bressan, A & Chapiro, A & Cicuttin, A & Colavita, A & Costa, S & Crespo, M & Cristaudo, P & Dalla Torre, S & D'Ambrosio, C & Dia, 2010. "First performances of COMPASS RICH-1," Center for Mathematical Economics Working Papers 518, Center for Mathematical Economics, Bielefeld University.
    13. 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

    Lexicographic semiorders; bounded rationality; revealed preference; choice;

    JEL classification:

    • D0 - Microeconomics - - General

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