A simple model of two-stage choice

• 成果类型: Article
• 署名作者: Horan, Sean
• 署名单位: Universite de Montreal; Universite de Montreal
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2016.01.002
• 发表日期: 2016
• 页码: 372-406
• 关键词: Shortlisting; Axiomatization; revealed preference; identification

摘要

I provide choice-theoretic foundations for a simple two-stage model, called transitive shortlist methods, where choices are made by sequentially by applying a pair of transitive preferences (or rationales) to eliminate inferior alternatives. Despite its simplicity, the model accommodates a wide range of choice phenomena including the status quo bias, framing, homophily, compromise, and limited willpower. I establish that the model can be succinctly characterized in terms of some well-documented context effects in choice. I also show that the underlying rationales are straightforward to determine from readily observable reversals in choice. Finally, I highlight the usefulness of these results in a variety of applications. (C) 2016 Elsevier Inc. All rights reserved.