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A million answers to twenty questions: choosing by checklist
journal contributionposted on 2023-06-09, 08:41 authored by Michael Mandler, Paola Manzini, Marco Mariotti
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.
- Published version
JournalJournal of Economic Theory
PublisherAcademic Press Inc.
Department affiliated with
- Economics Publications
Full text available
Legacy Posted Date2017-11-07
First Compliant Deposit (FCD) Date2017-11-07
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