When more is less: Limited consideration

@article{Lleras2017WhenMI,
  title={When more is less: Limited consideration},
  author={Juan Sebasti{\'a}n Lleras and Yusufcan Masatlioglu and Daisuke Nakajima and Erkut Y. Ozbay},
  journal={J. Economic Theory},
  year={2017},
  volume={170},
  pages={70-85}
}
There is well-established evidence that decision makers consistently fail to consider all available options. Instead, they restrict their attention to only a subset of alternatives and then undertake a more detailed analysis of this reduced set. This systematic lack of consideration of available options can lead to a “more is less” effect, where excess of options can be welfare-reducing for a decision-maker (DM). Building on this idea, we model individuals who might pay attention to only a… CONTINUE READING
BETA

Topics from this paper.

Citations

Publications citing this paper.
SHOWING 1-10 OF 21 CITATIONS

The Imbalanced Luce Model

VIEW 6 EXCERPTS
CITES BACKGROUND & METHODS
HIGHLY INFLUENCED

List‐rationalizable choice

VIEW 6 EXCERPTS
CITES BACKGROUND & METHODS
HIGHLY INFLUENCED

The perception-adjusted Luce model

  • Mathematical Social Sciences
  • 2018
VIEW 2 EXCERPTS
CITES BACKGROUND

References

Publications referenced by this paper.
SHOWING 1-10 OF 34 REFERENCES

Revealed Attention

Y. Masatlioglu, D. Nakajima, E. Y. Ozbay
  • American Economic Review,
  • 2012
VIEW 7 EXCERPTS
HIGHLY INFLUENTIAL

Choice by sequential procedures

  • Games and Economic Behavior
  • 2013
VIEW 6 EXCERPTS
HIGHLY INFLUENTIAL

Choosing two finalists and the winner

  • Social Choice and Welfare
  • 2015
VIEW 1 EXCERPT

Similar Papers

Loading similar papers…