Reason-based choice and context-dependence: An explanatory framework

Franz Dietrich and Christian List

MPRA Paper from University Library of Munich, Germany

Abstract: We introduce a “reason-based” framework for explaining and predicting individual choices. It captures the idea that a decision-maker focuses on some but not all properties of the options and chooses an option whose motivationally salient properties he/she most prefers. Reason-based explanations allow us to distinguish between two kinds of context-dependent choice: the motivationally salient properties may (i) vary across choice contexts, and (ii) include not only “intrinsic” properties of the options, but also “context-related” properties. Our framework can accommodate boundedly rational and sophisticatedly rational choice. Since properties can be recombined in new ways, it also o↵ers resources for predicting choices in unobserved contexts.

Keywords: Rational choice; reasons; context-dependence; bounded and sophisticated rationality; prediction of choice. (search for similar items in EconPapers)
JEL-codes: B40 B49 B5 B50 C0 C00 C02 D0 D01 D03 D8 D80 (search for similar items in EconPapers)
Date: 2015-05
New Economics Papers: this item is included in nep-cbe, nep-hme and nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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https://mpra.ub.uni-muenchen.de/64666/1/MPRA_paper_64666.pdf original version (application/pdf)

Related works:
Journal Article: REASON-BASED CHOICE AND CONTEXT-DEPENDENCE: AN EXPLANATORY FRAMEWORK (2016)
Working Paper: Reason-based choice and context-dependence: an explanatory framework (2016)
Working Paper: Reason-based choice and context-dependence: An explanatory framework (2016)
Working Paper: Reason-based choice and context-dependence: An explanatory framework (2016)
Working Paper: Reason-based choice and context-dependence: An explanatory framework (2016)
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