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Choosing two Finalists and the Winner

Author

Listed:
  • Gent Bajraj

    () (Centro de Investigación Económica (CIE), Instituto Tecnológico Autónomo de México (ITAM))

  • Levent Ülkü

    () (Centro de Investigación Económica (CIE), Instituto Tecnológico Autónomo de México (ITAM))

Abstract

We study a class of boundedly rational choice functions, namely two-stage choosers, which operate as follows. The decision maker uses two criteria in two stages to make a choice. First she shortlists the top-2 alternatives, i.e. two ?nalists, according to one criterion. Next, she chooses the winner in this binary shortlist using the second criterion. The criteria are linear orders ranking the alternatives, and they may or may not be explicitly welfare-relevant. For example, they may re?ect the distinct preferences of a short-run- and a long-run-self. Alternatively the ?rst criterion may be a list which the decision maker uses to browse alternatives, while the second gives ces. Using the concepts of choice reversers in a set, i.e., alternatives whose removal from a set affect choice, and hidden choice of a set,i.e., the alternative chosen when the choice is removed, we give four logically independent axioms on choice behavior which jointly characterize two-stage choosers.

Suggested Citation

  • Gent Bajraj & Levent Ülkü, 2013. "Choosing two Finalists and the Winner," Working Papers 1305, Centro de Investigacion Economica, ITAM.
  • Handle: RePEc:cie:wpaper:1305
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    References listed on IDEAS

    as
    1. Rohan Dutta & Sean Horan, 2015. "Inferring Rationales from Choice: Identification for Rational Shortlist Methods," American Economic Journal: Microeconomics, American Economic Association, vol. 7(4), pages 179-201, November.
    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, vol. 102(5), pages 2183-2205, August.
    4. Rubinstein, Ariel & Salant, Yuval, 2006. "A model of choice from lists," Theoretical Economics, Econometric Society, vol. 1(1), pages 3-17, March.
    5. Yıldız, Kemal, 2016. "List-rationalizable choice," Theoretical Economics, Econometric Society, vol. 11(2), May.
    6. Yuval Salant & Ariel Rubinstein, 2008. "(A, f): Choice with Frames -super-1," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1287-1296.
    7. Kfir Eliaz & Michael Richter & Ariel Rubinstein, 2011. "Choosing the two finalists," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(2), pages 211-219, February.
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    Citations

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    Cited by:

    1. Horan, Sean, 2016. "A simple model of two-stage choice," Journal of Economic Theory, Elsevier, vol. 162(C), pages 372-406.
    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. Cuhadaroglu, Tugce, 2015. "Choosing on Influence," SIRE Discussion Papers 2015-59, Scottish Institute for Research in Economics (SIRE).
    4. Payró, Fernando & Ülkü, Levent, 2015. "Similarity-based mistakes in choice," Journal of Mathematical Economics, Elsevier, vol. 61(C), pages 152-156.
    5. Tugce Cuhadaroglu, 2015. "Choosing on Influence," Discussion Paper Series, Department of Economics 201504, Department of Economics, University of St. Andrews.

    More about this item

    Keywords

    Boundedly Rational Choice; Choice Reversal; Shortlisting; Multiple Rationales; Limited Attention;

    JEL classification:

    • D0 - Microeconomics - - General

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