Reason-based choice and context-dependence: An explanatory framework

Franz Dietrich and Christian List
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Christian List: LSE - London School of Economics and Political Science

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Abstract: We introduce a "reason-based" framework for explaining and predicting individual choices. The key idea is that a decision-maker focuses on some but not all properties of the options and chooses an option whose "motivationally salient" properties he/she most prefers. Reason-based explanations can capture two kinds of context-dependent choice: (i) the motivationally salient properties may vary across choice contexts, and (ii) they may include "context-related" properties, not just "intrinsic" properties of the options. Our framework allows us to explain boundedly rational and sophisticated choice behaviour. Since properties can be recombined in new ways, it also offers resources for predicting choices in unobserved contexts.

Keywords: Rational choice; reasons; context-dependence; bounded and sophisticated rationality; prediction of choice (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01249514v1
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Citations: View citations in EconPapers (19)

Published in Economics and Philosophy, 2016, 32, pp.175-229

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Related works:
Journal Article: REASON-BASED CHOICE AND CONTEXT-DEPENDENCE: AN EXPLANATORY FRAMEWORK (2016)
Working Paper: Reason-based choice and context-dependence: an explanatory framework (2016)
Working Paper: Reason-based choice and context-dependence: An explanatory framework (2016)
Working Paper: Reason-based choice and context-dependence: An explanatory framework (2016)
Working Paper: Reason-based choice and context-dependence: An explanatory framework (2015)
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