A million answers to twenty questions: Choosing by checklist

Michael Mandler, Paola Manzini and Marco Mariotti

Journal of Economic Theory, 2012, vol. 147, issue 1, 71-92

Abstract: Several decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Since the number of preference discriminations that an agent can make increases exponentially in the number of properties used, checklists provide a rapid procedural basis for utility maximization.

Keywords: Bounded rationality; Utility maximization; Choice function; Lexicographic utility (search for similar items in EconPapers)
JEL-codes: D01 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (60)

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Related works:
Working Paper: A Million Answers to Twenty Questions: Choosing by Checklist (2008)
Working Paper: A Million Answers to Twenty Questions: Choosing by Checklist (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:147:y:2012:i:1:p:71-92

DOI: 10.1016/j.jet.2011.11.012

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