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State dependent choice

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journal contribution
posted on 2023-06-09, 08:42 authored by Paola Manzini, Marco Mariotti
We propose a theory of choices that are influenced by the psychological state of the agent. The central hypothesis is that the psychological state controls the urgency of the attributes sought by the decision maker in the available alternatives. While state dependent choice is less restricted than rational choice, our model does have empirical content, expressed by simple "revealed preference" type of constraints on observable choice data. We demonstrate the applicability of simple versions of the framework to economic contexts. We show in particular that it can explain widely researched anomalies in the labour supply of taxi drivers.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Social Choice and Welfare

ISSN

0176-1714

Publisher

Springer Verlag

Issue

2

Volume

45

Page range

239-268

Department affiliated with

  • Economics Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2017-11-07

First Open Access (FOA) Date

2017-11-07

First Compliant Deposit (FCD) Date

2017-11-07

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