A million answers to twenty questions: choosing by checklist

Michael Mandler, Paola Manzini, Marco Mariotti

    Research output: Contribution to journalArticlepeer-review

    42 Citations (Scopus)

    Abstract

    Several decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Since the number of preference discriminations that an agent can make increases exponentially in the number of properties used, checklists provide a rapid procedural basis for utility maximization.
    Original languageEnglish
    Pages (from-to)71-92
    JournalJournal of Economic Theory
    Volume147
    Issue number1
    Early online date10 Nov 2011
    DOIs
    Publication statusPublished - Jan 2012

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