• Corpus ID: 8383765

Introduction to Choice Theory

  title={Introduction to Choice Theory},
  author={Jonathan D. Levin and Paul R. Milgrom},
Individual decision-making forms the basis for nearly all of microeconomic analysis. These notes outline the standard economic model of rational choice in decisionmaking. In the standard view, rational choice is defined to mean the process of determining what options are available and then choosing the most preferred one according to some consistent criterion. In a certain sense, this rational choice model is already an optimization-based approach. We will find that by adding one empirically… 

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