Choice by lexicographic semiorders

Paola Manzini*, Marco Mariotti

*Corresponding author for this work

Research output: Contribution to journalArticle (Academic Journal)peer-review

38 Citations (Scopus)

Abstract

In Tversky's (1969) model of a lexicographic semiorder, a preference is generated via the sequential application of numerical criteria by declaring an alternative x better than an alternative y if the first criterion that distinguishes between x and y ranks x higher than y by an amount exceeding a fixed threshold. We generalize this idea to a fully fledged model of boundedly rational choice. We explore the connection with sequential rationalizability of choice (Apesteguia and Ballester 2010, Apesteguia and Ballester 2010) and we provide axiomatic characterizations of both models in terms of observable choice data.

Original languageEnglish
Pages (from-to)1-23
Number of pages23
JournalTheoretical Economics
Volume7
Issue number1
DOIs
Publication statusPublished - Jan 2012

Bibliographical note

Copyright:
Copyright 2013 Elsevier B.V., All rights reserved.

Keywords

  • Bounded rationality
  • Choice
  • Lexicographic semiorders
  • Revealed preference

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