Choosing on Influence
No 2015-59, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)
Interaction, the act of mutual influence between two or more individuals, is an essential part of daily life and economic decisions. Yet, micro-foundations of interaction are unexplored. This paper presents a first attempt to this purpose. We study a decision procedure for interacting agents. According to our model, interaction occurs since individuals seek influence for those issues that they cannot solve on their own. Following a choice-theoretic approach, we provide simple properties that aid to detect interacting individuals. In this case, revealed preference analysis not only grants the underlying preferences but also the influence acquired. Our baseline model is based on two interacting individuals, though we extend the analysis to multi-individual environments.
Keywords: Interaction; Social Influence; Boundedly Rational Decision Making; Two Stage Maximization; Incomplete Preferences (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:647
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