Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
957176 | Journal of Economic Theory | 2012 | 22 Pages |
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.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Michael Mandler, Paola Manzini, Marco Mariotti,