Rational preference and rationalizable choice

Simone Cerreia-Vioglio, Alfio Giarlotta, Salvatore Greco, Fabio Maccheroni () and Massimo Marinacci
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Alfio Giarlotta: Università di Catania
Salvatore Greco: Università di Catania
Fabio Maccheroni: Università Bocconi

Economic Theory, 2020, vol. 69, issue 1, No 2, 105 pages

Abstract: Abstract We study a decision maker characterized by two binary relations. The first reflects his judgments about well-being, his mental preferences. The second describes the decision maker’s choice behavior, his behavioral preferences. We propose axioms that describe a relation between these two preferences, so between mind and behavior, thus disentangling two different perspectives on preferences: a description of tastes (and attitudes) and a way to organize behavioral data. We obtain two representations: one in which mental preferences uniquely determine choice behavior, another for which mental preferences direct behavior but room remains for biases and framing effects. Our results also provide a foundation for a decision analysis procedure called robust ordinal regression and proposed by Greco et al. (Eur J Oper Res 191:416–436, 2008).

Keywords: Mental preferences; Behavioral preferences; Robust ordinal regression (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (15)

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DOI: 10.1007/s00199-018-1157-1

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