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A new perspective on classical choice problems using selection functions

Author

Listed:
  • Hedges, Jules
  • Oliva, Paulo
  • Winschel, Evguenia
  • Winschel, Viktor
  • Zahn, Philipp

Abstract

We use quantifiers and selection functions to generalize the classical economic approach to choice. Our framework encompasses preference and utility based approaches as special cases, but also extends to non-maximizing behavior and context-dependent motives such as social concerns. We adapt the method of quantifiers and selection functions which is based on higher-order functions and originate in computer science.

Suggested Citation

  • Hedges, Jules & Oliva, Paulo & Winschel, Evguenia & Winschel, Viktor & Zahn, Philipp, 2014. "A new perspective on classical choice problems using selection functions," Working Papers 14-14, University of Mannheim, Department of Economics.
    • Handle: RePEc:mnh:wpaper:36179
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    File URL: https://madoc.bib.uni-mannheim.de/36179/1/Hedges%2C_Oliva%2C_Winschel%2C_Zahn_14-14.pdf
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    References listed on IDEAS

    as
    1. Gary Charness & Matthew Rabin, 2002. "Understanding Social Preferences with Simple Tests," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(3), pages 817-869.
    2. Ernst Fehr & Klaus M. Schmidt, 1999. "A Theory of Fairness, Competition, and Cooperation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(3), pages 817-868.
    3. Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004. "Expected utility theory without the completeness axiom," Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
    4. Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
    5. Juan Dubra & Fabio Maccheroni & Efe A. Ok, 2004. "Expected Utility Without the Completeness Axiom," Yale School of Management Working Papers ysm404, Yale School of Management.
    6. Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
    7. David M. Kreps, 2012. "Microeconomic Foundations I: Choice and Competitive Markets," Economics Books, Princeton University Press, edition 1, volume 1, number 9890.
    8. Hedges, Jules & Oliva, Paulo & Winschel, Evguenia & Winschel, Viktor & Zahn, Philipp, 2014. "Context dependent games as quantifiers and selection functions," Working Papers 14-13, University of Mannheim, Department of Economics.
    Full references (including those not matched with items on IDEAS)

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    1. Hedges, Jules & Oliva, Paulo & Winschel, Evguenia & Winschel, Viktor & Zahn, Philipp, 2014. "Context dependent games as quantifiers and selection functions," Working Papers 14-13, University of Mannheim, Department of Economics.

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    More about this item

    Keywords

    behavioral economics ; social preferences ; beauty contest ; higher order functions ; quantifiers ; selection functions;
    All these keywords.

    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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