A million answers to twenty questions: choosing by checklistJournal of Economic Theory (2012)
Several 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. Since the number of preference discriminations that an agent can make increases exponentially in the number of properties used, checklists provide a rapid procedural basis for utility maximization.
- Bounded rationality,
- utility maximization,
- choice function,
- lexicographic utility
Citation InformationMichael Mandler, Paola Manzini and Marco Mariotti. "A million answers to twenty questions: choosing by checklist" Journal of Economic Theory Vol. 147 Iss. 2 (2012) p. 71 - 92
Available at: http://works.bepress.com/paola-manzini/7/
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