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- Title
Indecisiveness, Undesirability and Overload Revealed Through Rational Choice Deferral.
- Authors
Gerasimou, Georgios
- Abstract
Three reasons why decision‐makers may defer choice are indecisiveness between various feasible options, unattractiveness of these options and choice overload. This article provides a choice‐theoretic explanation for each of these phenomena by means of three deferral‐permitting models of decision‐making that are driven by preference incompleteness, undesirability and complexity constraints, respectively. These models feature rational choice deferral in the sense that whenever the individual does not defer, he chooses a most preferred feasible option. Active choices are therefore always consistent with the Weak Axiom of Revealed Preference. The three models suggest novel ways in which observable data can be used to recover preferences as well as their indecisiveness, desirability and complexity components or thresholds.
- Subjects
STATISTICAL decision making; RATIONAL choice theory; ECONOMIC aspects of decision making; SOCIAL choice; BOUNDED rationality
- Publication
Economic Journal, 2018, Vol 128, Issue 614, p2450
- ISSN
0013-0133
- Publication type
Article
- DOI
10.1111/ecoj.12500