Sequentially Rationalizable Choice

Paola Manzini, Marco Mariotti

    Research output: Contribution to journalArticlepeer-review

    175 Citations (Scopus)

    Abstract

    A sequentially rationalizable choice function is a choice function that can be retrieved by applying sequentially to each choice problem the same fixed set of asymmetric binary relations (rationales) to remove inferior alternatives. These concepts translate into economic language some human choice heuristics studied in psychology and explain cyclical patterns of choice observed in experiments. We study some properties of sequential rationalizability and provide a full characterization of choice functions rationalizable by two and three rationales.

    Original languageEnglish
    Pages (from-to)1824-1839
    Number of pages16
    JournalAmerican Economic Review
    Volume97
    Publication statusPublished - Dec 2007

    Keywords

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