Artikel
Choice by iterative search
When making choices, decision makers often either lack information about alternatives or lack the cognitive capacity to analyze every alternative. To capture these situations, we formulate a framework to study behavioral search by utilizing the idea of consideration sets. Consumers engage in a dynamic search process. At each stage, they consider only those options in the current consideration set. We provide behavioral postulates characterizing this model. We illustrate how one can identify both search paths and preferences.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 8 ; Year: 2013 ; Issue: 3 ; Pages: 701-728 ; New Haven, CT: The Econometric Society
- Classification
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Wirtschaft
Consumer Economics: Theory
Criteria for Decision-Making under Risk and Uncertainty
- Subject
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Search
satisficing
bounded rationality
consideration set
reference-dependent choice
revealed preference
- Event
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Geistige Schöpfung
- (who)
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Nakajima, Daisuke
Masatlioglu, Yusufcan
- Event
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Veröffentlichung
- (who)
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The Econometric Society
- (where)
-
New Haven, CT
- (when)
-
2013
- DOI
-
doi:10.3982/TE1014
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Nakajima, Daisuke
- Masatlioglu, Yusufcan
- The Econometric Society
Time of origin
- 2013
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