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State dependent choice

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sd_WARP_Togetherness3revFinal.pdf (5.802Mb)
Date
09/2015
Author
Manzini, Paola
Mariotti, Marco
Funder
Economic & Social Research Council
Grant ID
RES-000-22-3474
Keywords
Bounded rationality
Procedural rationality
Utility maximization
Choice Behavior
HB Economic Theory
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Abstract
We propose a theory of choices that are influenced by the psychological state of the agent. The central hypothesis is that the psychological state controls the urgency of the attributes sought by the decision maker in the available alternatives. While state dependent choice is less restricted than rational choice, our model does have empirical content, expressed by simple ‘revealed preference’ type of constraints on observable choice data. We demonstrate the applicability of simple versions of the framework to economic contexts. We show in particular that it can explain widely researched anomalies in the labour supply of taxi drivers.
Citation
Manzini , P & Mariotti , M 2015 , ' State dependent choice ' , Social Choice and Welfare , vol. 45 , no. 2 , pp. 239-268 . https://doi.org/10.1007/s00355-015-0894-3
Publication
Social Choice and Welfare
Status
Peer reviewed
DOI
https://doi.org/10.1007/s00355-015-0894-3
ISSN
0176-1714
Type
Journal article
Rights
© Springer-Verlag Berlin Heidelberg 2015. This is the author's accepted manuscript. The final publication is available at Springer via http://dx.doi.org/10.1007/s00355-015-0894-3
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  • University of St Andrews Research
URL
http://link.springer.com/article/10.1007/s00355-015-0894-3?wt_mc=event.ArticleAuthor.OnlineFirst
URI
http://hdl.handle.net/10023/8662

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