A Simple Choice Model for Boundedly Rational Agents

Abstract

We analyze a restricted pro-con random choice model of Dogan and Yildiz (2018) in which there are only two observable orderings relevant for choice such as price and quality. An agent is endowed with two orderings that both serve as pro-orderings and con-orderings. For each choice set, if an alternative is the top-ranked (bottom-ranked) by one of these orderings, then this is a pro (con) for choosing that alternative. Each pro or con item has a weight reflecting its salience. Each alternative is chosen with a probability proportional to the total weight of its pros and cons. In our analysis, we provide a set of choice axioms, which guarantee that the observed choices can be generated via a pro-con random choice model with respect to two given observable orderings. A notable aspect of this characterization is that the associated axioms discipline the choice behavior when choice sets present attraction effect scenarios. This indicates the tight connection between the model and the attraction effect phenomena.

Keywords

• Choice function
• random choice
• attraction effect

Kısmi Rasyonel Bireyler İçin Basit Bir Seçim Modeli

Abstract

Doğan ve Yıldız’ın (2018) lehde veya aleyhte olasılıksal seçim modelinin, fiyat ve kalite gibi, sadece iki tane ve gözlemlenebilir sıralama olduğu duruma kısıtlanmış halini analiz ediyoruz. Lehde veya aleyhte kullanılabilir iki gözlemlenebilir sıralamaya sahip bir birey düşünelim. Her seçim kümesi için bir alternatif eğer bir sıralamanın en tepesinde (en altında) yer alıyorsa, bu onun seçilmesi için lehinedir (aleyhinedir). Lehde ve aleyhde olan her bir durumun etkisini gösteren bir ağırlığı vardır. Her bir alternatif lehindeki ve aleyhindeki sıralamaların ağırlıkları toplamıyla orantısal olasılıkla seçilmektedir. Analizimizde, bireyin gözlemlenen seçimlerinin verili iki sıralama için lehde veya aleyhte olasılıksal seçim modeliyle tutarlı olmasını garanti eden seçim aksiyomlarını buluyoruz. Bu karakterizasyonun göze çarpan yönlerinden bir tanesi ilgili aksiyomların seçim kümelerinin cazibe etkisi senaryosu sergilediği durumlardaki seçim davranışını disipline sokmasıdır. Bu durum mevcut modelle cazibe etkisi kavramı arasındaki kuvvetli ilişkiyi ortaya koymaktadır.

Keywords

• Seçim fonksiyonu
• Olasılıksal seçim
• Cazibe etkisi

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