Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/150205
Authors: 
Nakajima, Daisuke
Masatlioglu, Yusufcan
Year of Publication: 
2013
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 8 [Year:] 2013 [Issue:] 3 [Pages:] 701-728
Abstract: 
When making choices, decision makers often either lack information about alternatives or lack the cognitive capacity to analyze every alternative. To capture these situations, we formulate a framework to study behavioral search by utilizing the idea of consideration sets. Consumers engage in a dynamic search process. At each stage, they consider only those options in the current consideration set. We provide behavioral postulates characterizing this model. We illustrate how one can identify both search paths and preferences.
Subjects: 
Search
satisficing
bounded rationality
consideration set
reference-dependent choice
revealed preference
JEL: 
D11
D81
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Article

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