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Categorize then choose: boundedly rational choice and welfare

journal contribution
posted on 2023-06-09, 08:41 authored by Paola Manzini, Marco Mariotti
We propose a boundedly rational model of choice where agents categorize alternatives before choosing. The model explains some behavioral anomalies, and it is fully characterized by a property of choice data: a categorizer can never exhibit certain patterns of “revealed preference reversals”. This model offers clues on the problem of making welfare judgements in the presence of boundedly rational agents.

History

Publication status

  • Published

File Version

  • Published version

Journal

Journal of the European Economic Association

ISSN

1542-4766

Publisher

Wiley-Blackwell

Issue

5

Volume

10

Page range

1141-1165

Department affiliated with

  • Economics Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2017-11-07

First Compliant Deposit (FCD) Date

2017-11-07

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