Universität zu Köln

Armouti-Hansen, Jesper and Kops, Christopher ORCID: 0000-0002-6673-175X (2018). This or that? Sequential rationalization of indecisive choice behavior. Theory Decis., 84 (4). S. 507 - 525. DORDRECHT: SPRINGER. ISSN 1573-7187

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Abstract

Decision-makers frequently struggle to base their choices on an exhaustive evaluation of all options at stake. This is particularly so when the choice problem at hand is complex, because the available alternatives are hard (if not impossible) to compare. Rather than striving to choose the most valuable alternative, in such situations decision-makers often settle for the choice of an alternative which is not inferior to any other available alternative instead. In this paper, we extend two established models of boundedly rational choice, the categorize then choose heuristic and the rational shortlist method, to incorporate this kind of indecisive choice behavior. We study some properties of these extensions and provide full behavioral characterizations.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Armouti-Hansen, Jesper UNSPECIFIED UNSPECIFIED UNSPECIFIED Kops, Christopher UNSPECIFIED orcid.org/0000-0002-6673-175X UNSPECIFIED
URN:	urn:nbn:de:hbz:38-185744
DOI:	10.1007/s11238-017-9634-8
Journal or Publication Title:	Theory Decis.
Volume:	84
Number:	4
Page Range:	S. 507 - 525
Date:	2018
Publisher:	SPRINGER
Place of Publication:	DORDRECHT
ISSN:	1573-7187
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language PREFERENCES; INDIFFERENCE; WELFARE Multiple languages Economics; Social Sciences, Mathematical Methods Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/18574