Theory of decisions by intra-dimensional comparisons

• 成果类型: Article
• 署名作者: Tserenjigmid, Gerelt
• 署名单位: California Institute of Technology
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2015.07.001
• 发表日期: 2015
• 页码: 326-338
• 关键词: Intra-dimensional comparison heuristic; Intransitivity; risky choice; social choice

摘要

Making a choice between multidimensional alternatives is a difficult task. Therefore, a decision maker may adopt some procedure (heuristic) to simplify this task. We provide an axiomatic model of one such heuristic called the Intra-Dimensional Comparison (DC) heuristic. The DC heuristic is well-documented in the experimental literature on choice under risk. The DC heuristic is a procedure in which a decision maker compares multidimensional alternatives dimension-by-dimension and makes a decision based on those comparisons. The model of the DC heuristic provides a general framework applicable to many different contexts, including risky choice and social choice. (C) 2015 Elsevier Inc. All rights reserved.