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Moody Choice

Author

Listed:
  • Manzini, Paola

    () (University of Sussex)

  • Mariotti, Marco

    () (Queen Mary, University of London)

Abstract

If choices depend on the decision maker's mood, is the attempt to derive any consistency in choice doomed? In this paper we argue that, even with full unpredictability of mood, the way choices from a menu relate to choices from another menu exhibits some structure. We present two alternative models of 'moody choice' and show that, in either of them, not all choice patterns are possible. Indeed, we characterise both models in terms of consistency requirements of the observed choice data.

Suggested Citation

  • Manzini, Paola & Mariotti, Marco, 2010. "Moody Choice," IZA Discussion Papers 5005, Institute for the Study of Labor (IZA).
  • Handle: RePEc:iza:izadps:dp5005
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    References listed on IDEAS

    as
    1. Dalton, Patricio & Ghosal, Sayantan, 2008. "Behavioural Decisions and Welfare," The Warwick Economics Research Paper Series (TWERPS) 834, University of Warwick, Department of Economics.
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    3. Manzini, Paola & Mariotti, Marco, 2012. "Choice by lexicographic semiorders," Theoretical Economics, Econometric Society, vol. 7(1), January.
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    8. 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.
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    10. McFadden, Daniel, 1974. "The measurement of urban travel demand," Journal of Public Economics, Elsevier, vol. 3(4), pages 303-328, November.
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    13. Cheng Qiu & Catherine W. M. Yeung, 2008. "Mood and Comparative Judgment: Does Mood Influence Everything and Finally Nothing?," Journal of Consumer Research, Oxford University Press, vol. 34(5), pages 657-669, September.
    14. B. Douglas Bernheim & Antonio Rangel, 2009. "Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics," The Quarterly Journal of Economics, Oxford University Press, vol. 124(1), pages 51-104.
    15. Andrew Caplin & John Leahy, 2001. "Psychological Expected Utility Theory and Anticipatory Feelings," The Quarterly Journal of Economics, Oxford University Press, vol. 116(1), pages 55-79.
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    Cited by:

    1. Marco Casari & Davide Dragone, 2015. "Choice reversal without temptation: A dynamic experiment on time preferences," Journal of Risk and Uncertainty, Springer, vol. 50(2), pages 119-140, April.

    More about this item

    Keywords

    utility maximization; procedural rationality; bounded rationality; choice behavior;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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