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Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice

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Author Info
Jörg Rieskamp
Jerome R. Busemeyer
Barbara A. Mellers

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Abstract

Most economists define rationality in terms of consistency principles. These principles place “bounds” on rationality—bounds that range from perfect consistency to weak stochastic transitivity. Several decades of research on preferential choice has demonstrated how and when people violate these bounds. Many of these violations are interconnected and reflect systematic behavioral principles. We discuss the robustness of the violations and review the theories that are able to predict them. We further discuss the adaptive functions of the violations. From this perspective, choices do more than reveal preferences; they also reflect subtle, yet often quite reasonable, dependencies on the environment.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 44 (2006)
Issue (Month): 3 (September)
Pages: 631-661
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Handle: RePEc:aea:jeclit:v:44:y:2006:i:3:p:631-661

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  1. Thomas Otter & Joe Johnson & Jörg Rieskamp & Greg Allenby & Jeff Brazell & Adele Diederich & J. Hutchinson & Steven MacEachern & Shiling Ruan & Jim Townsend, 2008. "Sequential sampling models of choice: Some recent advances," Marketing Letters, Springer, vol. 19(3), pages 255-267, December. [Downloadable!] (restricted)
  2. Khalil, Elias, 2008. "The Bayesian Fallacy: Distinguishing Four Kinds of Beliefs," MPRA Paper 8474, University Library of Munich, Germany, revised 26 Apr 2008. [Downloadable!]
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This page was last updated on 2009-10-30.


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