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  3. American Economic Review
  4. December 2007
  5. Sequentially Rationalizable Choice

American Economic Review

ISSN 0002-8282 (Print) | ISSN 1944-7981 (Online)

Sequentially Rationalizable Choice

  • Paola Manzini
  • Marco Mariotti
American Economic Review
vol. 97, no. 5, December 2007
(pp. 1824–1839)
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Abstract

A sequentially rationalizable choice function is a choice function that can be retrieved by applying sequentially to each choice problem the same fixed set of asymmetric binary relations (rationales) to remove inferior alternatives. These concepts translate into economic language some human choice heuristics studied in psychology and explain cyclical patterns of choice observed in experiments. We study some properties of sequential rationalizability and provide a full characterization of choice functions rationalizable by two and three rationales. (JEL D01).

Citation

Manzini, Paola, and Marco Mariotti. 2007. "Sequentially Rationalizable Choice." American Economic Review, 97 (5): 1824–1839. DOI: 10.1257/aer.97.5.1824

JEL Classification

  • D01 Microeconomic Behavior: Underlying Principles