A million answers to twenty questions: Choosing by checklist

Abstract

Many decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Moreover, the length of the shortest… (More)
DOI: 10.1016/j.jet.2011.11.012