INSTITUTO MILENIO IMPERFECCIONES DE MERCADO Y POLÍTICA PÚBLICAS

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Ordinal Relative Satisficing Behavior

Abstract:

We propose a notion of r-rationality, a relative version of satisficing behavior based on the idea that, for any set of available alternatives, individuals choose one of their r-best according to a single preference order. We fully characterize the choice functions satisfying the condition for any r, and provide an algorithm to compute the maximal degree of r-rationality associated with any given choice function. The notion is extended to individuals whose r may vary with the set of available alternatives. Special cases of ordinal relative satisficing behavior result from a variety of choice models proposed in the literature.

Universidad Nacional de San Luis

Lugar:

Room 4, Department of Industrial Engineering, Beauchef 851

Expositor:

Alejandro Neme

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