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Characterizing behavioral decisions with choice data
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Dalton, Patricio S. (Patricio Santiago) and Ghosal, Sayantan (2013) Characterizing behavioral decisions with choice data. Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2013 (Number 107).
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Text (Working paper)
WRAP107.2013_ghosal.pdf - Published Version Download (472Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
This paper provides an axiomatic characterization of choices in a setting where a
decision-maker may not fully internalize all the consequences of her choices on herself.
Such a departure from rationality, it turns out, is common across a variety of positive
behavioral models and admits the standard rational choice model as a special case. We
show that choice data satisfying (a) Senís axioms if and
fully characterize behavioral
decisions, and (b) Senís axiom if and if fully characterize standard decision-making. In
addition, we show that (a) it is possible to identify a minimal and a maximal set of
psychological states using choice data alone, and (b) under specific choice scenarios,
"revealed mistakes" can be inferred directly from choice data.
| Item Type: | Working or Discussion Paper (Working Paper) | ||||
|---|---|---|---|---|---|
| Alternative Title: | Characterizing behavioural decisions with choice data | ||||
| Subjects: | H Social Sciences > HB Economic Theory | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Library of Congress Subject Headings (LCSH): | Human behavior models, Economics -- Mathematical models | ||||
| Series Name: | CAGE Online Working Paper Series | ||||
| Publisher: | Department of Economics, University of Warwick | ||||
| Place of Publication: | Coventry, UK | ||||
| Official Date: | January 2013 | ||||
| Dates: |
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| Volume: | Volume 2013 | ||||
| Number: | Number 107 | ||||
| Number of Pages: | 30 | ||||
| Status: | Not Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Date of first compliant deposit: | 1 August 2016 | ||||
| Date of first compliant Open Access: | 1 August 2016 | ||||
| Funder: | Marie Curie Fellowship Association (MCFA), Royal Economic Society (Great Britain) (RES), University of Warwick, Economic and Social Research Council (Great Britain) (ESRC), Great Britain. Department for International Development | ||||
| Grant number: | RES-167-25-0364 (ESRC-DFID) |
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