Published September 2015
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Journal Article
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Theory of decisions by intra-dimensional comparisons
- Creators
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Tserenjigmid, Gerelt
Abstract
Making a choice between multidimensional alternatives is a difficult task. Therefore, a decision maker may adopt some procedure (heuristic) to simplify this task. We provide an axiomatic model of one such heuristic called the Intra-Dimensional Comparison (IDC) heuristic. The IDC heuristic is well-documented in the experimental literature on choice under risk. The IDC heuristic is a procedure in which a decision maker compares multidimensional alternatives dimension-by-dimension and makes a decision based on those comparisons. The model of the IDC heuristic provides a general framework applicable to many different contexts, including risky choice and social choice.
Additional Information
© 2015 Elsevier Inc. Received 13 December 2014; final version received 21 May 2015; accepted 1 July 2015; Available online 8 July 2015. I am indebted to Federico Echenique and Pietro Ortoleva for their continuous guidance, support, and encouragement. I am also grateful to Kota Saito, Hiroki Nishimura, Michihiro Kandori, Akihiko Matsui, Matthew Kovach, Ariel Rubinstein and the participants of the North American Summer Meeting of the Econometric Society (2013) and 2nd Economics Conference in Ulaanbaatar, Mongolia.Attached Files
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- 61187
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- CaltechAUTHORS:20151015-155331714
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2015-10-15Created from EPrint's datestamp field
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2021-11-10Created from EPrint's last_modified field