Random Categorization and Bounded Rationality

@inproceedings{Aguiar2017RandomCA,
  title={Random Categorization and Bounded Rationality},
  author={Victor H. Aguiar},
  year={2017}
}
In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized consideration set formed by the intersection of the mental category and the menu of alternatives. If no alternative is present both within the considered mental category and within the menu the decision maker… CONTINUE READING

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