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dc.contributor.authorManzini, Paola
dc.contributor.authorMariotti, Marco
dc.identifier.citationManzini , 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.otherPURE: 107305176
dc.identifier.otherPURE UUID: b69e910c-84c4-46d4-ac91-b9843a59c4ee
dc.description.abstractWe 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.publisherUniversity of St Andrews
dc.relation.ispartofseriesSchool of Economics & Finance Discussion Paperen
dc.rights(c) the authoren
dc.subjectdiscrete choiceen
dc.subjectrandom utilityen
dc.subjectlogit modelen
dc.subjectconsideration setsen
dc.subjectbounded rationalityen
dc.subjectHB Economic Theoryen
dc.titleA salience theory of choice errorsen
dc.typeWorking or discussion paperen
dc.contributor.institutionUniversity of St Andrews.School of Economics and Financeen

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