Files in this item
A salience theory of choice errors
Item metadata
dc.contributor.author | Manzini, Paola | |
dc.contributor.author | Mariotti, Marco | |
dc.date.accessioned | 2014-03-31T14:31:02Z | |
dc.date.available | 2014-03-31T14:31:02Z | |
dc.date.issued | 2010-04 | |
dc.identifier.citation | Manzini , P & Mariotti , M 2010 ' A salience theory of choice errors ' School of Economics & Finance Discussion Paper , no. 1003 , University of St Andrews . | en |
dc.identifier.issn | 0962-4031 | |
dc.identifier.other | PURE: 107305176 | |
dc.identifier.other | PURE UUID: b69e910c-84c4-46d4-ac91-b9843a59c4ee | |
dc.identifier.uri | https://hdl.handle.net/10023/4551 | |
dc.description.abstract | We study a psychologically based foundation for choice errors. The decision maker applies a preference ranking after forming a ?consideration set?prior to choosing an alternative. Membership of the consideration set is determined both by the alternative speci?c salience and by the rationality of the agent (his general propensity to consider all alternatives). The model turns out to include a logit formulation as a special case. In general, it has a rich set of implications both for exogenous parameters and for a situation in which alternatives can a¤ect their own salience (salience games). Such implications are relevant to assess the link between ?revealed? preferences and ?true?preferences: for example, less rational agents may paradoxically express their preference through choice more truthfully than more rational agents. | |
dc.format.extent | 30 | |
dc.language.iso | eng | |
dc.publisher | University of St Andrews | |
dc.relation.ispartofseries | School of Economics & Finance Discussion Paper | en |
dc.rights | (c) the author | en |
dc.subject | discrete choice | en |
dc.subject | random utility | en |
dc.subject | logit model | en |
dc.subject | consideration sets | en |
dc.subject | bounded rationality | en |
dc.subject | HB Economic Theory | en |
dc.subject.lcc | HB | en |
dc.title | A salience theory of choice errors | en |
dc.type | Working or discussion paper | en |
dc.contributor.sponsor | Economic & Social Research Council | en |
dc.description.version | https://doi.org/Postprint | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.url | http://ideas.repec.org/p/san/wpecon/1003.html | en |
dc.identifier.grantnumber | RES-000-22-3474 | en |
This item appears in the following Collection(s)
Items in the St Andrews Research Repository are protected by copyright, with all rights reserved, unless otherwise indicated.