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    Rationalizing Choice with Multi-Self Models

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    Date
    2012-05-01
    Authors
    Ambrus, Attila
    Rozen, K
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    Abstract
    This paper studies a class of multi-self decision-making models proposed in economics, psychology, and marketing. In this class, choices arise from the set-dependent aggregation of a collection of utility functions, where the aggregation procedure satisfies some simple properties. We propose a method for characterizing the extent of irrationality in a choice behavior, and use this measure to provide a lower bound on the set of choice behaviors that can be rationalized with n utility functions. Under an additional assumption (scale-invariance), we show that generically at most five "reasons" are needed for every "mistake."
    Type
    Journal article
    Subject
    Multi-self models
    index of irrationality
    IIA violations
    rationalizability
    Permalink
    https://hdl.handle.net/10161/13195
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    Scholars@Duke

    Ambrus

    Attila Ambrus

    Professor of Economics
    Professor Ambrus’ research focuses on a broad range of subjects including game theory, experimental economics, microeconomic theory, industrial organization, political economics, development economics and economic history. He has received various grants from the National Science Foundation. His most recent work has been published in the American Economic Review, the Quarterly Journal of Economics, Econometrica, and Theoretical Economics.

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