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Choosing two Finalists and the Winner

Author

Listed:
  • Gent Bajraj

    (Centro de Investigación Económica (CIE), Instituto Tecnológico Autónomo de México (ITAM))

  • Levent Ülkü

    (Centro de Investigación Económica (CIE), Instituto Tecnológico Autónomo de México (ITAM))

Abstract

We study a class of boundedly rational choice functions, namely two-stage choosers, which operate as follows. The decision maker uses two criteria in two stages to make a choice. First she shortlists the top-2 alternatives, i.e. two ?nalists, according to one criterion. Next, she chooses the winner in this binary shortlist using the second criterion. The criteria are linear orders ranking the alternatives, and they may or may not be explicitly welfare-relevant. For example, they may re?ect the distinct preferences of a short-run- and a long-run-self. Alternatively the ?rst criterion may be a list which the decision maker uses to browse alternatives, while the second gives ces. Using the concepts of choice reversers in a set, i.e., alternatives whose removal from a set affect choice, and hidden choice of a set,i.e., the alternative chosen when the choice is removed, we give four logically independent axioms on choice behavior which jointly characterize two-stage choosers.

Suggested Citation

  • Gent Bajraj & Levent Ülkü, 2013. "Choosing two Finalists and the Winner," Working Papers 1305, Centro de Investigacion Economica, ITAM.
  • Handle: RePEc:cie:wpaper:1305
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    References listed on IDEAS

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    Cited by:

    1. Horan, Sean, 2016. "A simple model of two-stage choice," Journal of Economic Theory, Elsevier, vol. 162(C), pages 372-406.
    2. Payró, Fernando & Ülkü, Levent, 2015. "Similarity-based mistakes in choice," Journal of Mathematical Economics, Elsevier, vol. 61(C), pages 152-156.
    3. Geng, Sen & Özbay, Erkut Y., 2021. "Shortlisting procedure with a limited capacity," Journal of Mathematical Economics, Elsevier, vol. 94(C).
    4. Tugce Cuhadaroglu, 2015. "Choosing on Influence," Discussion Paper Series, School of Economics and Finance 201504, School of Economics and Finance, University of St Andrews.
    5. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J., 2016. "Partial knowledge restrictions on the two-stage threshold model of choice," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 41-47.
    6. Ahumada, Alonso & Ülkü, Levent, 2018. "Luce rule with limited consideration," Mathematical Social Sciences, Elsevier, vol. 93(C), pages 52-56.
    7. Karpov, Alexander, 2015. "A theory of knockout tournament seedings," Working Papers 0600, University of Heidelberg, Department of Economics.
    8. Geng, Sen, 2022. "Limited consideration model with a trigger or a capacity," Journal of Mathematical Economics, Elsevier, vol. 101(C).
    9. Kovach, Matthew & Ülkü, Levent, 2020. "Satisficing with a variable threshold," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 67-76.
    10. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J., 2016. "Partial knowledge restrictions on the two-stage threshold model of choice," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 41-47.
    11. Mario Vazquez Corte, 2020. "A Model of Choice with Minimal Compromise," Papers 2010.08771, arXiv.org, revised Oct 2020.
    12. Lleras, Juan Sebastián & Masatlioglu, Yusufcan & Nakajima, Daisuke & Ozbay, Erkut Y., 2017. "When more is less: Limited consideration," Journal of Economic Theory, Elsevier, vol. 170(C), pages 70-85.
    13. Cuhadaroglu, Tugce, 2015. "Choosing on Influence," SIRE Discussion Papers 2015-59, Scottish Institute for Research in Economics (SIRE).

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    More about this item

    Keywords

    Boundedly Rational Choice; Choice Reversal; Shortlisting; Multiple Rationales; Limited Attention;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General

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