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Asymmetric dominance, deferral and status quo bias in a behavioral model of choice

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SQB_DEF.pdf (421.4Kb)
Date
02/2016
Author
Gerasimou, Georgios
Keywords
Partial dominance
Incomplete preferences
Choice deferral
Status quo bias
Attraction effect
HB Economic Theory
BDC
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Abstract
This paper proposes and axiomatically characterizes a model of choice that builds on the criterion of partial dominance and allows for two types of avoidant behavior: *choice deferral* and *status quo bias*. These phenomena are explained in a unified way that allows for a clear theoretical distinction between them to be made. The model also explains the *strengthening of the attraction effect* that has been observed when deferral is permissible. Unlike other models of status quo biased behavior, the one analyzed in this paper builds on a *unique*, reference-independent preference relation that is acyclic and generally incomplete. When this relation is complete, the model reduces to rational choice.
Citation
Gerasimou , G 2016 , ' Asymmetric dominance, deferral and status quo bias in a behavioral model of choice ' , Theory and Decision , vol. 80 , no. 2 , pp. 295-312 . https://doi.org/10.1007/s11238-015-9499-7
Publication
Theory and Decision
Status
Peer reviewed
DOI
https://doi.org/10.1007/s11238-015-9499-7
ISSN
0040-5833
Type
Journal article
Rights
© 2015, Springer Science+Business Media New York. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at DOI: 10.1007/s11238-015-9499-7
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/8895

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