A million answers to twenty questions: choosing by checklist

Arbeitspapier

Many decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Moreover, the length of the shortest checklist as a proportion of the number of an agent's indifference classes shrinks to 0 (at an exponential rate) as the number of indifference classes increases. Checklists therefore provide a rapid procedural basis for utility maximization.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: IZA Discussion Papers ; No. 3377

Classification and Topics

• Classification: Wirtschaft ; Microeconomic Behavior: Underlying Principles
• Subject: Bounded rationality ; procedural rationality ; utility maximization ; choice behavior ; Beschränkte Rationalität ; Eigeninteresse ; Entscheidungstheorie ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Mandler, Michael ; Manzini, Paola ; Mariotti, Marco
• Event: Veröffentlichung
• (who): Institute for the Study of Labor (IZA)
• (where): Bonn
• (when): 2008

Further information

• Handle: http://hdl.handle.net/10419/34829
• Last update: 26.01.2025, 12:00 AM CET