Rationalizing Boundedly Rational Choice

Paola Manzini · Marco Mariotti

5 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Game Theory and Voting Systems Experimental Behavioral Economics Studies

Abstract

A Rational Shortlist Method (RSM) translates into economic language some sequential choice heuristics studied in psychology. We show that the use of this boundedly rational procedure can be detected from observed choice data through tests that are very similar to those used to detect `rational' choice (such as Samuelson's WARP). Yet, RSMs are compatible with some highly `irrational' patterns of choice observed in experiments, such as pairwise cycles. We also provide partial results on a generalization of RSMs.

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2015Games and Decisions 1972Elimination by aspects: A theory of choice.1938A Note on the Pure Theory of Consumer's Behaviour 1969Intransitivity of preferences.1958Games and Decisions: Introduction and Critical Survey.1999Fast and frugal heuristics: The adaptive toolbox.1983Rational Choice, Collective Decisions, and Social Welfare 1985Choice functions over a finite set: A summary

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