Asymmetric dominance, deferral, and status quo bias in a behavioral model of choice

Georgios Gerasimou

Theory and Decision, 2016, vol. 80, issue 2, 295-312

Abstract: This paper proposes and axiomatically characterizes a model of choice that builds on the criterion of partial dominance and allows for two types of avoidant behavior: choice deferral and status quo bias. These phenomena are explained in a unified way that allows for a clear theoretical distinction between them to be made. The model also explains the strengthening of the attraction effect that has been observed when deferral is permissible. Unlike other models of status quo biased behavior, the one analyzed in this paper builds on a unique, reference-independent preference relation that is acyclic and generally incomplete. When this relation is complete, the model reduces to rational choice. Copyright Springer Science+Business Media New York 2016

Keywords: Partial dominance; Incomplete preferences; Choice deferral; Status quo bias; Attraction effect (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:theord:v:80:y:2016:i:2:p:295-312

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DOI: 10.1007/s11238-015-9499-7

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