Sequential Choice with Incomplete Preferences

Xiaosheng Mu
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Xiaosheng Mu: Princeton University

Working Papers from Princeton University. Economics Department.

Abstract: We study the outcome of a sequential choice procedure based on a potentially incomplete preference relation. A decision maker evaluates alternatives in a list and iteratively updates her choice by comparing the status quo to the next alternative. She favors the status quo whenever the two alternatives are incomparable according to her underlying preference. Developing a revealed preference approach, we characterize all choice functions that can arise from such a procedure, as well as all possible preferences that can rationalize given choices.

Keywords: Choice from lists; Status quo bias; Revealed preference (search for similar items in EconPapers)
JEL-codes: D11 (search for similar items in EconPapers)
Date: 2021-07
New Economics Papers: this item is included in nep-dcm, nep-mic and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:pri:econom:2021-35

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