When x Becomes x': Sameness and the Internal Consistency of Choice

Marek Hudík ()

ICER Working Papers from ICER - International Centre for Economic Research

Abstract: The fact that any two choices are necessarily asynchronous raises the question of whether some alternative x at moment t remains the same alternative x at moment t + 1. It is argued that this question cannot be answered without taking into account the decision-maker’s perception of the choice problem. Consequently, an objective description of a choice problem is impossible for each description involves an interpretation. A definition of sameness is provided and an extension of the standard choice model is suggested. The problem of the possibility of different perceptions of the decision-maker and the observer is emphasized

Keywords: sameness; categorization; internal consistency; choice theory; indifference; framing; subjectivism (search for similar items in EconPapers)
JEL-codes: B40 D01 D03 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2013-06
New Economics Papers: this item is included in nep-cbe, nep-lam, nep-ltv, nep-mic, nep-neu and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:icr:wpicer:02-2013

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