Arbeitspapier
A Theory of Procedurally Rational Choice: Optimization without Evaluation
This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal procedure are always transitive but generally violate the Weak Axiom. In other words, utility maximizing individuals who are unable to evaluate their objective functions fail to exhibit rational revealed preferences.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 06-001/1
- Klassifikation
-
Wirtschaft
Microeconomic Behavior: Underlying Principles
Criteria for Decision-Making under Risk and Uncertainty
- Thema
-
Bounded rationality
optimal selection procedure
procedural rationality
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ficco, Stefano
Karamychev, Vladimir
van Reeven, Peran
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2006
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ficco, Stefano
- Karamychev, Vladimir
- van Reeven, Peran
- Tinbergen Institute
Entstanden
- 2006
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