Aspiration-based choice

• 成果类型: Article
• 署名作者: Guney, Begum; Richter, Michael; Tsur, Matan
• 署名单位: Ozyegin University; University of London; Royal Holloway University London; University of Vienna
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2018.05.003
• 发表日期: 2018
• 页码: 935-956
• 关键词: choice; Similarity; aspirations; consumer welfare

摘要

Numerous studies and experiments suggest that aspirations for desired but perhaps unavailable alternatives influence decisions. A common finding is that an unavailable aspiration steers agents to choose similar available alternatives. We propose and axiomatically characterize a choice theory consistent with this aspirational effect. Similarity is modeled using a subjective metric derived from choice data. This model offers implications for consumer welfare and its distribution between rich and poor when firms compete for aspirational agents, and a novel rationale for sales. (C) 2018 Elsevier Inc. All rights reserved.