A model of rejection-based decision making

• 成果类型: Article
• 署名作者: Bhardwaj, Bhavook; Manocha, Kriti
• 署名单位: Universita Ca Foscari Venezia
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2025.106060
• 发表日期: 2025
• 关键词: Maximization; rejection; iterative elimination; bounded rationality

摘要

This paper introduces a model of decision making based on a procedure of rejection. Departing from the standard model of choice via preference maximization, the decision maker (DM) in our model rejects minimal alternatives from a menu according to a binary relation. We axiomatically study the correspondence of non-rejected alternatives with different rationality conditions on the underlying binary relation. We then generalize our model to study correspondences generated by an iterative procedure of rejection. It is observed that the classical rational choice model is a special case of this model, thus providing a procedural description of selecting the maximal set. We find that the rejection approach developed in this paper can also explain anomalies observed in decision theory, such as the two-decoy effect or the two-compromise effect.