Two values are sufficient for choice consistency

Vineeth Chintala

No gf6wq, SocArXiv from Center for Open Science

Abstract: In many situations, people make choices which are optimal under some social and moral rules. So how can an outside observer, with no access to such private rules, make sense of their behavior? One way to understand choices is by assigning different values (or meanings) to the alternatives depending on the context. The number of additional values can then be viewed as a measure of the background information involved while making the choice. In this paper, we show that two values are sufficient to perceive any choice behavior as consistent. This implies that the information gleaned from a menu is never less than the background information involved in making the choice.

Date: 2018-06-14
New Economics Papers: this item is included in nep-mic
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:gf6wq

DOI: 10.31219/osf.io/gf6wq

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