Michael Mandler (Royal Holloway, University of London) Paola Manzini (Queen Mary, University of London and IZA) Marco Mariotti (Queen Mary, University of London)
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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.
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Paper provided by Queen Mary, University of London, Department of Economics in its series Working Papers with number
622.
Find related papers by JEL classification: D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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