Context-dependent choice as explained by foraging theory

• 成果类型: Article
• 署名作者: Li, Shengwu; Yu, Ning Neil
• 署名单位: Harvard University; Nanjing Audit University; Stanford University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2018.01.014
• 发表日期: 2018
• 页码: 159-177
• 关键词: Decoy effect; Choice overload; Foraging theory; Consumer choice; Dynamic stochastic choice model; monotone comparative statics

摘要

An agent makes consumption choices in multiple periods. Choice objects vary in type and quality; objects of the same type are inter-temporal substitutes. The current choice set is informative about the distribution over future choice sets. Thus, the presence of unchosen alternatives may rationally alter the agent's choice. Under some simple assumptions, the optimal policy exhibits context-dependent choice behavior, such as the decoy effect and choice overload. (C) 2018 Elsevier Inc. All rights reserved.