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A million answers to twenty questions: choosing by checklist
journal contribution
posted on 2023-06-09, 08:41 authored by Michael Mandler, Paola Manzini, Marco MariottiSeveral 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.
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- Published
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- Published version
Journal
Journal of Economic TheoryISSN
0022-0531Publisher
Academic Press Inc.External DOI
Issue
1Volume
147Page range
71-92Department affiliated with
- Economics Publications
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- No
Peer reviewed?
- Yes
Legacy Posted Date
2017-11-07First Compliant Deposit (FCD) Date
2017-11-07Usage metrics
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