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State dependent choice
journal contribution
posted on 2023-06-09, 08:42 authored by Paola Manzini, Marco MariottiWe 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 WelfareISSN
0176-1714Publisher
Springer VerlagExternal DOI
Issue
2Volume
45Page range
239-268Department affiliated with
- Economics Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2017-11-07First Open Access (FOA) Date
2017-11-07First Compliant Deposit (FCD) Date
2017-11-07Usage metrics
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