On rational choice from lists of sets

Gleb Koshevoy and Ernesto Savaglio

Journal of Mathematical Economics, 2023, vol. 109, issue C

Abstract: We analyze the rationality of a Decision Maker (DM) who chooses from lists of sets of alternatives. We propose and study four general classes of choice mechanism, representing the DM’s choice-behavior, and a new axiom, that we call No-Regret (NR). We show that the NR axiom, suggesting that alternatives disregarded as of no interest for the DM be ignored, is a rationality axiom that encompasses some compelling properties of the classical choice model and extends them to the proposed general framework of choice from lists of sets of alternatives.

Keywords: Choice from lists of sets; No-regret; Outcast; Heritage; Path-independence (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:109:y:2023:i:c:s0304406823000848

DOI: 10.1016/j.jmateco.2023.102891

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