Rationalizing Choice with Multi-Self Models

Attila Ambrus and Kareen Rozen ()

No 12-11, Working Papers from Duke University, Department of Economics

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: 42
Date: 2012
New Economics Papers: this item is included in nep-dcm, nep-evo, nep-mic and nep-upt
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Citations: View citations in EconPapers (1)

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http://papers.ssrn.com/abstract=2063775 main text

Related works:
Journal Article: Rationalising Choice with Multi‐self Models (2015)
Working Paper: Rationalizing Choice with Multi-Self Models (2012)
Working Paper: Rationalizing Choice with Multi-Self Models (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:duk:dukeec:12-11

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