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Default Bias in Extended Choice Rules

Somdeb Lahiri ()

Studies in Microeconomics, 2019, vol. 7, issue 1, 1-6

Abstract: Abstract In this paper we provide a reader friendly axiomatic characterization of the default bias extended choice rule, in the framework available in lecture 3 of Rubinstein (2016) . As noted there “experimental evidence and introspection tell us that a default option is often viewed positively by a decision maker, a phenomenon known as the status quo bias†. A different axiomatic characterization of the extended choice rule is available in that lecture. Our proof makes use of the Szpilrajn's extension which for finite sets (as in our case) has a very simple proof. JEL Classification: D01, D03

Keywords: Extended choice rule; default bias; preference (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1177/2321022219830187

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