We analyze the rationality of a Decision Maker (DM) who chooses from lists of sets of alternatives. We propose and study four general classes of choice mechanism, representing the DM's choice-behavior, and a new axiom, that we call No-Regret (NR). We show that the NR axiom, suggesting that alternatives disregarded as of no interest for the DM be ignored, is a rationality axiom that encompasses some compelling properties of the classical choice model and extends them to the proposed general framework of choice from lists of sets of alternatives.
On rational choice from lists of sets
Savaglio, Ernesto
2023-01-01
Abstract
We analyze the rationality of a Decision Maker (DM) who chooses from lists of sets of alternatives. We propose and study four general classes of choice mechanism, representing the DM's choice-behavior, and a new axiom, that we call No-Regret (NR). We show that the NR axiom, suggesting that alternatives disregarded as of no interest for the DM be ignored, is a rationality axiom that encompasses some compelling properties of the classical choice model and extends them to the proposed general framework of choice from lists of sets of alternatives.File in questo prodotto:
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