Choice, Consideration Sets, and Attribute Filters

Mert Kimya

American Economic Journal: Microeconomics, 2018, vol. 10, issue 4, 223-47

Abstract: It is well known that decision makers do not always consider all of the available alternatives when making a choice. When the alternatives have attributes, these attributes provide a natural way to form the consideration set. I assume a procedure in which the decision maker uses the relative ranking of the alternatives on each attribute to reduce the size of the choice set. I provide a characterization of the procedure and illustrate how to identify the underlying preference and consideration set. The model explains certain choice anomalies such as the attraction and the compromise effects.

JEL-codes: C78 D11 (search for similar items in EconPapers)
Date: 2018
Note: DOI: 10.1257/mic.20150235
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Citations: View citations in EconPapers (13)

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