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Choice, Consideration Sets, and Attribute Filters

  • Mert Kimya
American Economic Journal: Microeconomics
vol. 10, no. 4, November 2018
(pp. 223-47)
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Abstract

It is well known that decision makers do not always consider all of the available alternatives when making a choice. When the alternatives have attributes, these attributes provide a natural way to form the consideration set. I assume a procedure in which the decision maker uses the relative ranking of the alternatives on each attribute to reduce the size of the choice set. I provide a characterization of the procedure and illustrate how to identify the underlying preference and consideration set. The model explains certain choice anomalies such as the attraction and the compromise effects.

Citation

Kimya, Mert. 2018. "Choice, Consideration Sets, and Attribute Filters." American Economic Journal: Microeconomics, 10 (4): 223-47. DOI: 10.1257/mic.20150235

Additional Materials

JEL Classification

  • C78 Bargaining Theory; Matching Theory
  • D11 Consumer Economics: Theory
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