Two-stage threshold representations

Paola Manzini; Marco Mariotti; Christopher Tyson

doi:10.3982/TE1048

Two-stage threshold representations

Paola Manzini^*, Marco Mariotti, Christopher Tyson

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

Abstract

We study two-stage choice procedures in which the decision maker first preselects the alternatives whose values according to a criterion pass a menu-dependent threshold, and then maximizes a second criterion to narrow the selection further. This framework overlaps with several existing models that have various interpretations and impose various additional restrictions on behavior. We show that the general class of procedures is characterized by acyclicity of the revealed "first-stage separation relation."

Original language	English
Pages (from-to)	875–882
Number of pages	8
Journal	Theoretical Economics
Volume	8
Issue number	3
Early online date	1 May 2013
DOIs	https://doi.org/10.3982/TE1048
Publication status	Published - Sept 2013

Keywords

Attention
Choice function
Revealed preference
Satisficing

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10.3982/TE1048

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(c) The authors, published in Theoretical Economics by the Econometric Society. This is an open access article available under a Creative Commons Attribution-NonCommercial license.
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Cite this

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AB - We study two-stage choice procedures in which the decision maker first preselects the alternatives whose values according to a criterion pass a menu-dependent threshold, and then maximizes a second criterion to narrow the selection further. This framework overlaps with several existing models that have various interpretations and impose various additional restrictions on behavior. We show that the general class of procedures is characterized by acyclicity of the revealed "first-stage separation relation."

KW - Attention

KW - Choice function

KW - Revealed preference

KW - Satisficing

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Two-stage threshold representations

Abstract

Keywords

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Bounded rationality and welfare economic: Bounded rationality and welfare economics

Formal Models of Bounded Rationality: Formal Models of Bounded Rationality

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Two-stage threshold representations

Abstract

Keywords

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Bounded rationality and welfare economic: Bounded rationality and welfare economics

Formal Models of Bounded Rationality: Formal Models of Bounded Rationality

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