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Behavioral Implications of Shortlisting Procedures

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  • Christopher J. Tyson

    (Queen Mary, University of London)

Abstract

We consider two-stage "shortlisting procedures" in which the menu of alternatives is first pruned by some process or criterion and then a binary relation is maximized. Given a particular first-stage process, our main result supplies a necessary and sufficient condition for choice data to be consistent with a procedure in the designated class. This result applies to any class of procedures with a certain lattice structure, including the cases of "consideration filters," "satisficing with salience effects," and "rational shortlist methods." The theory avoids background assumptions made for mathematical convenience; in this and other respects following Richter's classical analysis of preference-maximizing choice in the absence of shortlisting.

Suggested Citation

  • Christopher J. Tyson, 2012. "Behavioral Implications of Shortlisting Procedures," Working Papers 697, Queen Mary University of London, School of Economics and Finance.
    • Handle: RePEc:qmw:qmwecw:697
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    References listed on IDEAS

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    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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