Behavioral Implications of Shortlisting Procedures

Christopher Tyson

No 697, Working Papers from Queen Mary University of London, School of Economics and Finance

Abstract: We consider two-stage "shortlisting procedures" in which the menu of alternatives is first pruned by some process or criterion and then a binary relation is maximized. Given a particular first-stage process, our main result supplies a necessary and sufficient condition for choice data to be consistent with a procedure in the designated class. This result applies to any class of procedures with a certain lattice structure, including the cases of "consideration filters," "satisficing with salience effects," and "rational shortlist methods." The theory avoids background assumptions made for mathematical convenience; in this and other respects following Richter's classical analysis of preference-maximizing choice in the absence of shortlisting.

Keywords: Attention; Complete lattice; Consideration set; Revealed preference (search for similar items in EconPapers)
JEL-codes: D01 D03 (search for similar items in EconPapers)
Date: 2012-10-01
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Citations: View citations in EconPapers (1)

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Journal Article: Behavioral implications of shortlisting procedures (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:qmw:qmwecw:697

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