Dietrich, Franz and List, Christian (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 |
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| Official URL: | http://journals.cambridge.org/action/displayJourna... |
| Additional Information: | © 2016 Cambridge University Press |
| Library of Congress subject classification: | H Social Sciences > HB Economic Theory |
| Sets: | Departments > Government Departments > Philosophy, Logic and Scientific Method Research centres and groups > Centre for Philosophy of Natural and Social Science (CPNSS) |
| Date Deposited: | 29 Oct 2015 11:30 |
| URL: | http://eprints.lse.ac.uk/64219/ |
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