Rationalizing Boundedly Rational Choice : Sequential Rationalizability and Rational Shortlist Methods

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.

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Year of publication:	2004
Authors:	Manzini, Paola ; Mariotti, Marco
Publisher:	Bonn : Institute for the Study of Labor (IZA)
Subject:	Beschränkte Rationalität \| Rationales Verhalten \| Präferenztheorie \| Theorie \| rationalizability of choice \| bounded rationality \| intransitive choice \| incomplete preferences \| menu dependence

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Series:	IZA Discussion Papers ; 1239
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	393556069 [GVK] hdl:10419/20503 [Handle]
Classification:	D0 - Microeconomics. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10010261993