Asymmetric dominance, deferral and status quo bias in a behavioral model of choice

Georgios Gerasimou

    Research output: Contribution to journalArticlepeer-review

    11 Citations (Scopus)
    2 Downloads (Pure)

    Abstract

    This paper proposes and axiomatically characterizes a model of choice that builds on the criterion of partial dominance and allows for two types of avoidant behavior: *choice deferral* and *status quo bias*. These phenomena are explained in a unified way that allows for a clear theoretical distinction between them to be made. The model also explains the *strengthening of the attraction effect* that has been observed when deferral is permissible. Unlike other models of status quo biased behavior, the one analyzed in this paper builds on a *unique*, reference-independent preference relation that is acyclic and generally incomplete. When this relation is complete, the model reduces to rational choice.
    Original languageEnglish
    Pages (from-to)295-312
    JournalTheory and Decision
    Volume80
    Issue number2
    Early online date29 May 2015
    DOIs
    Publication statusPublished - Feb 2016

    Keywords

    • Partial dominance
    • Incomplete preferences
    • Choice deferral
    • Status quo bias
    • Attraction effect

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