Choice via Grouping Procedures
In this paper, we consider a natural procedure of decision-making, called a “Grouping Choice Method”, which leads to a kind of bounded rational choices. In this procedure a decision-maker (DM) first divides the set of available alternatives into some groups and in each group she chooses the best element (winner) for her preference relation. Then, among the winners in the first round, she selects the best one as her final choice. We characterize Grouping Choice Methods in three different ways. First, we show that a choice function is a Grouping Choice Method if and only if it is a Rational Shortlist Method (Manzini and Mariotti, 2007) in which the first rationale is transitive. Second, Grouping Choice Methods are axiomatically characterized by means of a new axiom called Elimination, in addition to two well-known axioms, Expansion and Weak WARP (Manzini and Mariotti, 2007). Third, Grouping Choice Methods are also characterized by a weak version of Path Independence.
|Date of creation:||Sep 2013|
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- Houy Nicolas, 2007. "Rationality and Order-Dependent Sequential Rationality," Theory and Decision, Springer, vol. 62(2), pages 119-134, March.
- Koichi Tadenuma, 2005.
"Egalitarian-equivalence and the Pareto principle for social preferences,"
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- Tadenuma, Koichi, 2002. "Egalitarian-Equivalence and the Pareto Principle for Social Preferences," Discussion Paper 128, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- Tadenuma, Koichi, 2002. "Egalitarian-Equivalence and the Pareto Principle for Social Preferences," Discussion Papers 2002-08, Graduate School of Economics, Hitotsubashi University.
- Rohan Dutta & Sean Horan, 2013.
"Inferring Rationales from Choice : Identification for Rational Shortlist Methods,"
Cahiers de recherche
09-2013, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- 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.
- Houy, Nicolas & Tadenuma, Koichi, 2007.
"Lexicographic Compositions of Multiple Criteria for Decision Making,"
2007-13, Graduate School of Economics, Hitotsubashi University.
- Houy, Nicolas & Tadenuma, Koichi, 2009. "Lexicographic compositions of multiple criteria for decision making," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1770-1782, July.
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