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Title:Rationalizing Boundedly Rational Choice : Sequential Rationalizability and Rational Shortlist Methods PDF Logo
Authors:Manzini, Paola
Mariotti, Marco
Issue Date:2004
Series/Report no.:IZA Discussion paper series 1239
Abstract:A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts translate into economic language some human choice heuristics studied in psychology. We provide a full characterization of RSMs and study some properties of sequential rationalizability. These properties allow some degree of menu dependence in choice.
Subjects:rationalizability of choice
bounded rationality
intransitive choice
incomplete preferences
menu dependence
JEL:D0
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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