Reason-based choice and context-dependence: an explanatory framework

Dietrich, Franz and List, Christian ORCID: 0000-0003-1627-800X (2016) Reason-based choice and context-dependence: an explanatory framework. Economics and Philosophy, 32 (2). pp. 175-229. ISSN 0266-2671

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Abstract

We introduce a “reason-based” framework for explaining and predicting individual choices. The key idea is that a decision-maker focuses on some but not all properties of the options and chooses an option whose “motivationally salient” properties he/she most prefers. Reason-based explanations can capture two kinds of contextdependent choice: (i) the motivationally salient properties may vary across choice contexts, and (ii) they may include “context-related” properties, not just “intrinsic” properties of the options. Our framework allows us to explain boundedly rational and sophisticated choice behaviour. Since properties can be recombined in new ways, it also offers resources for predicting choices in unobserved contexts.

Item Type:	Article
Official URL:	http://journals.cambridge.org/action/displayJourna...
Additional Information:	© 2016 Cambridge University Press
Divisions:	Government Philosophy, Logic and Scientific Method CPNSS
Subjects:	H Social Sciences > HB Economic Theory
Date Deposited:	29 Oct 2015 11:30
Last Modified:	07 Nov 2024 17:24
URI:	http://eprints.lse.ac.uk/id/eprint/64219

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