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Irresolute choice behavior

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  • Edi Karni

Abstract

This paper proposes a model of irresolute choice rationalizing random choice behavior and examines its applications to decision making under certainty, uncertainty, and risk. Depending on the context, the representations feature canonical signal spaces. Decisions are governed by random draws of signals generating stochastic choice functions. Application to portfolio selection and experimental testing are discussed.

Suggested Citation

  • Edi Karni, 2024. "Irresolute choice behavior," International Journal of Economic Theory, The International Society for Economic Theory, vol. 20(1), pages 70-87, March.
    • Handle: RePEc:bla:ijethy:v:20:y:2024:i:1:p:70-87
    DOI: 10.1111/ijet.12391
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    References listed on IDEAS

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