A million answers to twenty questions: choosing by checklist

Mandler, Michael, Manzini, Paola and Mariotti, Marco (2012) A million answers to twenty questions: choosing by checklist. Journal of Economic Theory, 147 (1). pp. 71-92. ISSN 0022-0531

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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.

Item Type: Article
Keywords: Bounded rationalityUtility maximizationChoice functionLexicographic utility
Schools and Departments: School of Business, Management and Economics > Economics
Subjects: H Social Sciences > HB Economic theory. Demography > HB0131 Methodology > HB0135 Mathematical economics. Quantitative methods Including econometrics, input-output analysis, game theory
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Depositing User: Professor Paola Manzini
Date Deposited: 07 Nov 2017 12:27
Last Modified: 07 Nov 2017 12:28
URI: http://sro.sussex.ac.uk/id/eprint/71000

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