Rationalizing Choice with Multi-Self Models

Attila Ambrus and Kareen Rozen ()
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Attila Ambrus: Harvard University

No 1670, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This paper studies a class of multi-self decision-making models proposed in economics, psychology, and marketing. In this class, choices arise from the set-dependent aggregation of a collection of utility functions, where the aggregation procedure satisfies some simple properties. We propose a method for characterizing the extent of irrationality in a choice behavior, and use this measure to provide a lower bound on the set of choice behaviors that can be rationalized with n utility functions. Under an additional assumption (scale-invariance), we show that generically at most five "reasons" are needed for every "mistake."

Keywords: Multi-self models; Index of irrationality; IIA violations; Rationalizability (search for similar items in EconPapers)
JEL-codes: D11 D13 D71 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2008-07, Revised 2012-05
New Economics Papers: this item is included in nep-cbe, nep-cdm, nep-dcm, nep-mkt and nep-upt
Note: Includes supplemental material
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

Published in Economic Journal (June 2015), 125(585): 1136-1156

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Related works:
Working Paper: Rationalizing Choice with Multi-Self Models (2012)
Working Paper: Rationalizing Choice with Multi-Self Models (2012)
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