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A Million Answers to Twenty Questions: Choosing by Checklist

Author

Listed:
  • Michael Mandler

    (Royal Holloway, University of London)

  • Paola Manzini

    (Queen Mary, University of London and IZA)

  • Marco Mariotti

    (Queen Mary, University of London)

Abstract

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.

Suggested Citation

  • Michael Mandler & Paola Manzini & Marco Mariotti, 2008. "A Million Answers to Twenty Questions: Choosing by Checklist," Working Papers 622, Queen Mary University of London, School of Economics and Finance.
    • Handle: RePEc:qmw:qmwecw:622
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bounded rationality; Procedural rationality; Utility maximization; Choice behavior;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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