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Article
A million answers to twenty questions: choosing by checklist
Journal of Economic Theory (2012)
  • Michael Mandler
  • Paola Manzini, University of St Andrews
  • Marco Mariotti
Abstract
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.
Keywords
  • Bounded rationality,
  • utility maximization,
  • choice function,
  • lexicographic utility
Publication Date
2012
DOI
10.1016/j.jet.2011.11.012
Publisher Statement
http://www.sciencedirect.com/science/article/pii/S0022053111001645
Citation Information
Michael 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/
Creative Commons license
Creative Commons License
This work is licensed under a Creative Commons CC_BY-NC-ND International License.