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Bounded Rationality in Choice Theory: A Survey

https://doi.org/10.1257/jel.20231592

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What this work says

Outgoing claims: the papers this work cites, builds on, or argues with.

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The robustness of the asymmetrically dominated effect: Buying frames, phantom alternatives, and in-store purchases

inferredcites →https://doi.org/10.1007/bf00055564openalex-snapshot

Status quo bias in decision making

inferredcites →https://doi.org/10.1007/bf00122574openalex-snapshot

Advances in prospect theory: Cumulative representation of uncertainty

inferredcites →https://doi.org/10.1007/s00199-018-1145-5openalex-snapshot

General Luce model

inferredcites →https://doi.org/10.1007/s00199-021-01350-zopenalex-snapshot

Order-k rationality

inferredcites →https://doi.org/10.1007/s11238-010-9214-7openalex-snapshot

Choosing monetary sequences: theory and experimental evidence

inferredcites →https://doi.org/10.1016/0010-0277(93)90034-sopenalex-snapshot

Reason-based choice

inferredcites →https://doi.org/10.1016/0022-0531(86)90021-9openalex-snapshot

Finite automata play the repeated prisoner's dilemma

inferredcites →https://doi.org/10.1016/0022-0531(88)90154-8openalex-snapshot

Similarity and decision-making under risk (is there a utility theory resolution to the Allais paradox?)

inferredcites →https://doi.org/10.1016/0022-2496(78)90048-2openalex-snapshot

A representation theorem for finite random scale systems

inferredcites →https://doi.org/10.1016/0165-4896(85)90031-9openalex-snapshot

Statistical issues in measurement

inferredcites →https://doi.org/10.1016/0165-4896(91)90076-4openalex-snapshot

Properties of a measure of predictive success

inferredcites →https://doi.org/10.1016/0167-2681(80)90051-7openalex-snapshot

Toward a positive theory of consumer choice

inferredcites →https://doi.org/10.1016/0167-2681(82)90008-7openalex-snapshot

A theory of anticipated utility

inferredcites →https://doi.org/10.1016/0169-2070(96)88197-0openalex-snapshot

Journal of economic literature

inferredcites →https://doi.org/10.1016/bs.hesbe.2018.11.001openalex-snapshot

Behavioral inattention

inferredcites →https://doi.org/10.1016/j.econlet.2017.07.006openalex-snapshot

Random categorization and bounded rationality

inferredcites →https://doi.org/10.1016/j.geb.2005.06.007openalex-snapshot

Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences

inferredcites →https://doi.org/10.1016/j.geb.2011.02.005openalex-snapshot

Sequentially rationalizable choice with transitive rationales

inferredcites →https://doi.org/10.1016/j.geb.2012.09.006openalex-snapshot

Choice by sequential procedures

inferredcites →https://doi.org/10.1016/j.geb.2021.01.008openalex-snapshot

Odds supermodularity and the Luce rule

inferredcites →https://doi.org/10.1016/j.jebo.2012.04.017openalex-snapshot

Satisficing choice procedures

inferredcites →https://doi.org/10.1016/j.jebo.2017.08.016openalex-snapshot

Preferred personal equilibrium and simple choices

inferredcites →https://doi.org/10.1016/j.jebo.2018.11.001openalex-snapshot

Choosing with the worst in mind: A reference-dependent model

inferredcites →https://doi.org/10.1016/j.jebo.2023.09.020openalex-snapshot

Reference dependence and random attention

inferredcites →https://doi.org/10.1016/j.jet.2004.03.007openalex-snapshot

Rational choice with status quo bias

inferredcites →https://doi.org/10.1016/j.jet.2005.01.009openalex-snapshot

Anchored preference relations

inferredcites →https://doi.org/10.1016/j.jet.2007.01.019openalex-snapshot

Cognitive constraints, contraction consistency, and the satisficing criterion

inferredcites →https://doi.org/10.1016/j.jet.2009.10.011openalex-snapshot

Context effects: A representation of choices from categories

inferredcites →https://doi.org/10.1016/j.jet.2011.11.012openalex-snapshot

A million answers to twenty questions: Choosing by checklist

inferredcites →https://doi.org/10.1016/j.jet.2012.01.013openalex-snapshot

Choice and individual welfare

inferredcites →https://doi.org/10.1016/j.jet.2016.08.008openalex-snapshot

Satisficing and stochastic choice

inferredcites →https://doi.org/10.1016/j.jet.2017.01.009openalex-snapshot

Limited attention and status quo bias

inferredcites →https://doi.org/10.1016/j.jet.2017.04.004openalex-snapshot

When more is less: Limited consideration

inferredcites →https://doi.org/10.1016/j.jet.2018.05.003openalex-snapshot

Aspiration-based choice

inferredcites →https://doi.org/10.1016/j.jet.2018.05.015openalex-snapshot

Dual random utility maximisation

inferredcites →https://doi.org/10.1016/j.jet.2018.09.010openalex-snapshot

Inference of preference heterogeneity from choice data

inferredcites →https://doi.org/10.1016/j.jet.2020.105171openalex-snapshot

Stochastic semi-orders

inferredcites →https://doi.org/10.1016/j.jet.2021.105289openalex-snapshot

A canon of probabilistic rationality

inferredcites →https://doi.org/10.1016/j.jet.2022.105487openalex-snapshot

A random attention and utility model

inferredcites →https://doi.org/10.1016/j.jmateco.2019.01.003openalex-snapshot

Adaptive stochastic search

inferredcites →https://doi.org/10.1016/j.jmateco.2020.01.008openalex-snapshot

Hazard rate, stochastic choice and consideration sets

inferredcites →https://doi.org/10.1016/j.jmateco.2020.11.003openalex-snapshot

Shortlisting procedure with a limited capacity

inferredcites →https://doi.org/10.1016/j.jmateco.2022.102718openalex-snapshot

Welfare analysis when choice is status-quo biased

inferredcites →https://doi.org/10.1016/j.mathsocsci.2018.02.004openalex-snapshot

The perception-adjusted Luce model

inferredcites →https://doi.org/10.1016/j.mathsocsci.2019.09.006openalex-snapshot

Random consideration and choice: A case study of “default” options

inferredcites →https://doi.org/10.1016/s0165-4896(98)00033-xopenalex-snapshot

Choice problems with a `reference' point

inferredcites →https://doi.org/10.1017/cbo9780511572203.006openalex-snapshot

From substantive to procedural rationality

inferredcites →https://doi.org/10.1017/cbo9781139060011.009openalex-snapshot

Temptation

inferredcites →https://doi.org/10.1017/cbo9781139060011.010openalex-snapshot

Comments on “Behavioral” Decision Theory

inferredcites →https://doi.org/10.1017/s1930297500003648openalex-snapshot

Response time and decision making: An experimental study

inferredcites →https://doi.org/10.1037/a0021150openalex-snapshot

Transitivity of preferences.

inferredcites →https://doi.org/10.1037/h0026750openalex-snapshot

Intransitivity of preferences.

inferredcites →https://doi.org/10.1037/h0032955openalex-snapshot

Elimination by aspects: A theory of choice.

inferredcites →https://doi.org/10.1080/1350178x.2014.965909openalex-snapshot

Welfare economics and bounded rationality: the case for model-based approaches

inferredcites →https://doi.org/10.1086/208899openalex-snapshot

Adding Asymmetrically Dominated Alternatives: Violations of Regularity and the Similarity Hypothesis

inferredcites →https://doi.org/10.1086/209205openalex-snapshot

Choice Based on Reasons: The Case of Attraction and Compromise Effects

inferredcites →https://doi.org/10.1086/257106openalex-snapshot

An Experimental Measurement of Utility

inferredcites →https://doi.org/10.1086/257177openalex-snapshot

The Utility of Wealth

inferredcites →https://doi.org/10.1086/673885openalex-snapshot

Salience and Consumer Choice

inferredcites →https://doi.org/10.1086/683838openalex-snapshot

A Measure of Rationality and Welfare

inferredcites →https://doi.org/10.1086/700072openalex-snapshot

Informational Requirements of Nudging

inferredcites →https://doi.org/10.1086/700762openalex-snapshot

Random Choice and Learning

inferredcites →https://doi.org/10.1086/706860openalex-snapshot

Revealed-Preference Analysis with Framing Effects

inferredcites →https://doi.org/10.1086/706861openalex-snapshot

A Random Attention Model

inferredcites →https://doi.org/10.1086/713732openalex-snapshot

Time Will Tell: Recovering Preferences When Choices Are Noisy

inferredcites →https://doi.org/10.1086/718371openalex-snapshot

Measuring the Completeness of Economic Models

inferredcites →https://doi.org/10.1086/720399openalex-snapshot

Behavioral Foundations of Nested Stochastic Choice and Nested Logit

inferredcites →https://doi.org/10.1086/721732openalex-snapshot

Progressive Random Choice

inferredcites →https://doi.org/10.1086/721734openalex-snapshot

Mixture Choice Data: Revealing Preferences and Cognition

inferredcites →https://doi.org/10.1093/acprof:oso/9780195328318.003.0005openalex-snapshot

Some Thoughts on the Principle of Revealed Preference

inferredcites →https://doi.org/10.1093/ej/uez039openalex-snapshot

Testing the Random Utility Hypothesis Directly

inferredcites →https://doi.org/10.1093/jeea/jvaa016openalex-snapshot

Separating Predicted Randomness from Residual Behavior

inferredcites →https://doi.org/10.1093/jeea/jvaa037openalex-snapshot

Predictive Power in Behavioral Welfare Economics

inferredcites →https://doi.org/10.1093/jeea/jvac028openalex-snapshot

Behavioral Influence

inferredcites →https://doi.org/10.1093/oso/9780198825142.001.0001openalex-snapshot

The Community of Advantage

inferredcites →https://doi.org/10.1093/qje/qjab008openalex-snapshot

What do Consumers Consider Before They Choose? Identification from Asymmetric Demand Responses

inferredcites →https://doi.org/10.1093/qje/qjs018openalex-snapshot

Salience Theory of Choice Under Risk

inferredcites →https://doi.org/10.1093/qje/qjs049openalex-snapshot

A Model of Focusing in Economic Choice*

inferredcites →https://doi.org/10.1093/qje/qju024openalex-snapshot

A Sparsity-Based Model of Bounded Rationality *

inferredcites →https://doi.org/10.1093/restud/rdab011openalex-snapshot

Choice with Endogenous Categorization

inferredcites →https://doi.org/10.1093/restud/rdq016openalex-snapshot

Consideration Sets and Competitive Marketing

inferredcites →https://doi.org/10.1093/restud/rdr024openalex-snapshot

Eliciting Welfare Preferences from Behavioural Data Sets

inferredcites →https://doi.org/10.1093/restud/rdt037openalex-snapshot

A Canonical Model of Choice with Initial Endowments

inferredcites →https://doi.org/10.1093/restud/rdy037openalex-snapshot

Rational Inattention, Optimal Consideration Sets, and Stochastic Choice

inferredcites →https://doi.org/10.1111/ecoj.12103openalex-snapshot

Rationalising Choice with Multi-self Models

inferredcites →https://doi.org/10.1111/ecoj.12639openalex-snapshot

Expectations-Based Reference-Dependence and Choice Under Risk

inferredcites →https://doi.org/10.1111/j.1467-937x.2008.00510.xopenalex-snapshot

(A,f): Choice with Frames1

inferredcites →https://doi.org/10.1111/j.1468-0262.2002.00446.xopenalex-snapshot

Rationalizing Choice Functions By Multiple Rationales

inferredcites →https://doi.org/10.1111/j.1468-0262.2006.00651.xopenalex-snapshot

Random Expected Utility

inferredcites →https://doi.org/10.1111/j.1468-0297.2007.02081.xopenalex-snapshot

Instinctive and Cognitive Reasoning: A Study of Response Times

inferredcites →https://doi.org/10.1111/j.1542-4774.2012.01078.xopenalex-snapshot

CATEGORIZE THEN CHOOSE: BOUNDEDLY RATIONAL CHOICE AND WELFARE

inferredcites →https://doi.org/10.1146/annurev-economics-102819-040518openalex-snapshot

Modeling Imprecision in Perception, Valuation, and Choice

inferredcites →https://doi.org/10.1162/qjec.2009.124.1.51openalex-snapshot

Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare Economics

inferredcites →https://doi.org/10.1177/000271626838000118openalex-snapshot

Theoretical Economics

inferredcites →https://doi.org/10.1257/0002828042002714openalex-snapshot

The Opportunity Criterion: Consumer Sovereignty Without the Assumption of Coherent Preferences

inferredcites →https://doi.org/10.1257/aer.101.2.724openalex-snapshot

Procedural Analysis of Choice Rules with Applications to Bounded Rationality

inferredcites →https://doi.org/10.1257/aer.101.2.900openalex-snapshot

Search Dynamics in Consumer Choice under Time Pressure: An Eye-Tracking Study

inferredcites →https://doi.org/10.1257/aer.101.5.iopenalex-snapshot

The American Economic Review

inferredcites →https://doi.org/10.1257/aer.101.7.2899openalex-snapshot

Search and Satisficing

inferredcites →https://doi.org/10.1257/aer.102.5.2183openalex-snapshot

Revealed Attention

inferredcites →https://doi.org/10.1257/aer.104.10.2975openalex-snapshot

Behavioral Implementation

inferredcites →https://doi.org/10.1257/aer.104.5.495openalex-snapshot

Stochastic Choice: An Optimizing Neuroeconomic Model

inferredcites →https://doi.org/10.1257/aer.20111046openalex-snapshot

Revealed (P)Reference Theory

inferredcites →https://doi.org/10.1257/aer.20130047openalex-snapshot

Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model

inferredcites →https://doi.org/10.1257/aer.20140973openalex-snapshot

A Behavioral Analysis of Stochastic Reference Dependence

inferredcites →https://doi.org/10.1257/aer.20150742openalex-snapshot

Speed, Accuracy, and the Optimal Timing of Choices

inferredcites →https://doi.org/10.1257/aer.20190253openalex-snapshot

Discrete Choice under Risk with Limited Consideration

inferredcites →https://doi.org/10.1257/aer.20191717openalex-snapshot

What Makes a Rule Complex?

inferredcites →https://doi.org/10.1257/aer.20201550openalex-snapshot

When Choices Are Mistakes

inferredcites →https://doi.org/10.1257/aer.97.2.477openalex-snapshot

Mistakes in Choice-Based Welfare Analysis

inferredcites →https://doi.org/10.1257/aer.97.4.1047openalex-snapshot

Reference-Dependent Risk Attitudes

inferredcites →https://doi.org/10.1257/aer.97.5.1824openalex-snapshot

Sequentially Rationalizable Choice

inferredcites →https://doi.org/10.1257/jel.20201396openalex-snapshot

Satisficing: Integrating Two Traditions

inferredcites →https://doi.org/10.1257/jel.20211524openalex-snapshot

Rational Inattention: A Review

inferredcites →https://doi.org/10.1257/jel.44.3.631openalex-snapshot

Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice

inferredcites →https://doi.org/10.1257/jel.51.2.528openalex-snapshot

Incorporating Limited Rationality into Economics

inferredcites →https://doi.org/10.1257/jep.25.4.3openalex-snapshot

Neuroeconomic Foundations of Economic Choice—Recent Advances

inferredcites →https://doi.org/10.1257/jep.27.1.173openalex-snapshot

Thirty Years of Prospect Theory in Economics: A Review and Assessment

inferredcites →https://doi.org/10.1257/jep.5.1.193openalex-snapshot

Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias

inferredcites →https://doi.org/10.1257/mic.20130118openalex-snapshot

Inferring Rationales from Choice: Identification for Rational Shortlist Methods

inferredcites →https://doi.org/10.1257/mic.20180301openalex-snapshot

Exponential Satisficing

inferredcites →https://doi.org/10.1257/mic.20200111openalex-snapshot

The Focal Luce Model

inferredcites →https://doi.org/10.1257/mic.20210032openalex-snapshot

Complexity and Procedural Choice

inferredcites →https://doi.org/10.1257/mic.20220089openalex-snapshot

A Random Reference Model

inferredcites →https://doi.org/10.1509/jmkr.41.3.237.35990openalex-snapshot

Alternative Models for Capturing the Compromise Effect

inferredcites →https://doi.org/10.1509/jmr.12.0061openalex-snapshot

The Limits of Attraction

inferredcites →https://doi.org/10.1509/jmr.14.0020openalex-snapshot

More Evidence Challenging the Robustness and Usefulness of the Attraction Effect

inferredcites →https://doi.org/10.1509/jmr.14.0093openalex-snapshot

Vices and Virtues of Misguided Replications: The Case of Asymmetric Dominance

inferredcites →https://doi.org/10.1509/jmr.14.0208openalex-snapshot

Let's be Honest about the Attraction Effect

inferredcites →https://doi.org/10.2139/ssrn.3776049openalex-snapshot

A Theory of Revealed Indirect Preference

inferredcites →https://doi.org/10.2139/ssrn.3904541openalex-snapshot

Complexity and Choice

inferredcites →https://doi.org/10.2139/ssrn.937874openalex-snapshot

Two-Stage Boundedly Rational Choice Procedures: Theory and Experimental Evidence

inferredcites →https://doi.org/10.2307/1884852openalex-snapshot

A BEHAVIORAL MODEL OF RATIONAL CHOICE

inferredcites →https://doi.org/10.2307/1905751openalex-snapshot

Semiorders and a Theory of Utility Discrimination

inferredcites →https://doi.org/10.2307/1909773openalex-snapshot

Revealed Preference Theory

inferredcites →https://doi.org/10.2307/1911317openalex-snapshot

Falmagne and the Rationalizability of Stochastic Choices in Terms of Random Orderings

inferredcites →https://doi.org/10.2307/1912631openalex-snapshot

"Expected Utility" Analysis without the Independence Axiom

inferredcites →https://doi.org/10.2307/1912771openalex-snapshot

The Nonparametric Approach to Demand Analysis

inferredcites →https://doi.org/10.2307/1913097openalex-snapshot

The Structure of Nash Equilibrium in Repeated Games with Finite Automata

inferredcites →https://doi.org/10.2307/1914185openalex-snapshot

Prospect Theory: An Analysis of Decision under Risk

inferredcites →https://doi.org/10.2307/2296384openalex-snapshot

Choice Functions and Revealed Preference

inferredcites →https://doi.org/10.2307/2525934openalex-snapshot

On a System of Inequalities in Demand Analysis: An Extension of the Classical Method

inferredcites →https://doi.org/10.2307/2548836openalex-snapshot

A Note on the Pure Theory of Consumer's Behaviour

inferredcites →https://doi.org/10.2307/2549382openalex-snapshot

Revealed Preference and the Utility Function

inferredcites →https://doi.org/10.2307/2937956openalex-snapshot

Loss Aversion in Riskless Choice: A Reference-Dependent Model

inferredcites →https://doi.org/10.3982/ecta10575openalex-snapshot

Stochastic Choice and Consideration Sets

inferredcites →https://doi.org/10.3982/ecta10621openalex-snapshot

Random Choice as Behavioral Optimization

inferredcites →https://doi.org/10.3982/ecta12188openalex-snapshot

Bounded Memory and Biases in Information Processing

inferredcites →https://doi.org/10.3982/ecta12694openalex-snapshot

Menu-Dependent Stochastic Feasibility

inferredcites →https://doi.org/10.3982/ecta14230openalex-snapshot

Single-Crossing Random Utility Models

inferredcites →https://doi.org/10.3982/ecta16382openalex-snapshot

Inferring Cognitive Heterogeneity From Aggregate Choices

inferredcites →https://doi.org/10.3982/ecta17448openalex-snapshot

Heterogeneous Choice Sets and Preferences

inferredcites →https://doi.org/10.3982/qe1861openalex-snapshot

Random utility and limited consideration

inferredcites →https://doi.org/10.3982/te1014openalex-snapshot

Choice by iterative search

inferredcites →https://doi.org/10.3982/te1048openalex-snapshot

Two-stage threshold representations

inferredcites →https://doi.org/10.3982/te1298openalex-snapshot

List-rationalizable choice

inferredcites →https://doi.org/10.3982/te1547openalex-snapshot

Monotone threshold representations

inferredcites →https://doi.org/10.3982/te1769openalex-snapshot

The transitive core: Inference of welfare from nontransitive preference relations

inferredcites →https://doi.org/10.3982/te2037openalex-snapshot

Choice overload and asymmetric regret

inferredcites →https://doi.org/10.3982/te2170openalex-snapshot

Choosing on influence

inferredcites →https://doi.org/10.3982/te3086openalex-snapshot

Willpower and compromise effect

inferredcites →https://doi.org/10.3982/te4070openalex-snapshot

Bounded Rationality and Limited Datasets

inferredcites →https://doi.org/10.3982/te4216openalex-snapshot

Indifference, indecisiveness, experimentation, and stochastic choice

inferredcites →https://doi.org/10.3982/te592openalex-snapshot

Search, choice, and revealed preference

inferredcites →https://doi.org/10.3982/te679openalex-snapshot

Choice by lexicographic semiorders

inferredcites →https://doi.org/10.3982/te798openalex-snapshot

Reason-based choice: A bargaining rationale for the attraction and compromise effects

inferredcites →https://doi.org/10.3982/te970openalex-snapshot

Rationalization

inferredcites →https://doi.org/10.4324/9781003549741-8openalex-snapshot

The Quarterly Journal of Economics

inferredcites →https://doi.org/10.48550/arxiv.2110.10650openalex-snapshot

Attention Overload

inferredcites →https://doi.org/10.7551/mitpress/4702.001.0001openalex-snapshot

Modeling Bounded Rationality

inferredcites →https://doi.org/10.7551/mitpress/4711.001.0001openalex-snapshot

Models of Bounded Rationality

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Incoming claims: where this work appears in other papers’ reference lists and arguments.

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Population Ethics with Thresholds

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Dynamic Incentive Model for Federated Learning Model Trading via Evolutionary Game Theory

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Voting when Rankings Matter: Truthful Equilibria, Efficiency, and Abstention

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Interpreting the Choice Logic Surrounding High-Scoring Students’ Enrollment in China’s Vocational Secondary–Undergraduate Articulation Program: A Theoretical Thematic Analysis of Public Discourse

inferred← citeshttps://doi.org/10.3390/bs16060929openalex-snapshot

Elderly Consumers’ Risk of Accidental Subscription in Micro-Drama Platforms: A Demographic and Behavioral Analysis

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Decision, Inference, and Information: Formal Equivalences Under Active Inference

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The economics of the value of human life: Contribution to the euthanasia debate

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