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Title:A million answers to twenty questions: Choosing by checklist PDF Logo
Authors:Mandler, Michael
Manzini, Paola
Mariotti, Marco
Issue Date:2008
Series/Report no.:Working Paper, Department of Economics, Queen Mary, University of London 622
Abstract:Many decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Moreover, the length of the shortest checklist as a proportion of the number of an agent's indifference classes shrinks to 0 (at an exponential rate) as the number of indifference classes increases. Checklists therefore provide a rapid procedural basis for utility maximization.
Subjects:Bounded rationality
Procedural rationality
Utility maximization
Choice behavior
JEL:D01
Document Type:Working Paper
Appears in Collections:Working Paper Series, School of Economics and Finance, Queen Mary, University of London

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