Theory of decisions by intra-dimensional comparisons

Gerelt Tserenjigmid ()

Journal of Economic Theory, 2015, vol. 159, issue PA, 326-338

Abstract: Making a choice between multidimensional alternatives is a difficult task. Therefore, a decision maker may adopt some procedure (heuristic) to simplify this task. We provide an axiomatic model of one such heuristic called the Intra-Dimensional Comparison (IDC) heuristic. The IDC heuristic is well-documented in the experimental literature on choice under risk. The IDC heuristic is a procedure in which a decision maker compares multidimensional alternatives dimension-by-dimension and makes a decision based on those comparisons. The model of the IDC heuristic provides a general framework applicable to many different contexts, including risky choice and social choice.

Keywords: Intra-dimensional comparison heuristic; Intransitivity; Risky choice; Social choice (search for similar items in EconPapers)
JEL-codes: D71 D81 D90 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:159:y:2015:i:pa:p:326-338

DOI: 10.1016/j.jet.2015.07.001

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