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Inferring Rationales from Choice : Identification for Rational Shortlist Methods

  • Rohan Dutta
  • Sean Horan

A wide variety of choice behavior inconsistent with preference maximization can be explained by Manzini and Mariotti's Rational Shortlist Methods. Choices are made by sequentially applying a pair of asymmetric binary relations (rationales) to eliminate inferior alternatives. Manzini and Mariotti's axiomatic treatment elegantly describes which behavior can be explained by this model. However, it leaves unanswered what can be inferred, from observed behavior, about the underlying rationales. Establishing this connection is fundamental not only for applied and empirical work but also for meaningful welfare analysis. Our results tightly characterize the surprisingly rich relationship between behavior and the underlying rationales.

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Paper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 09-2013.

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Length: 51 pages
Date of creation: 2013
Date of revision:
Handle: RePEc:mtl:montec:09-2013
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  1. Geoffroy de Clippel & Kareen Rozen, 2012. "Bounded Rationality and Limited Datasets: Testable Implications, Identifiability, and Out-of-Sample Prediction," Working Papers 2012-7, Brown University, Department of Economics.
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  11. Spiegler, Ran, 2014. "Bounded Rationality and Industrial Organization," OUP Catalogue, Oxford University Press, number 9780199334261, March.
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  16. Eric Danan, 2010. "Randomization vs. Selection: How to Choose in the Absence of Preference?," Management Science, INFORMS, vol. 56(3), pages 503-518, March.
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