Skip to content

Research at St Andrews

Choice, deferral and consistency

Research output: Working paperDiscussion paper

Author(s)

Miguel Costa-Gomes, Carlos Cueva, Georgios Gerasimou, Matus Tejiscak

School/Research organisations

Abstract

We report an experiment that tests whether forcing subjects to make active choices makes their decisions less consistent. We find that forced choice significantly increases the incidence of choice reversals. We also propose and apply a new combinatorial-optimization method that allows for analyzing decision datasets that include a "choice deferral" default option, and to categorize each of these datasets depending on whether its best explanation comes from models of unconstrained or unattractiveness-constrained utility maximization, a Bayesian model of rational information acquisition or a model of rational indecisiveness. Applying this method to our data we find that about three quarters of all relevant subjects are best explained by either unconstrained or unattractiveness-constrained utility maximization, and that most of the remaining ones are best explained by rational indecisiveness or the Bayesian model. Two types of questionnaire data finally suggest that indecisiveness was the reason why the majority of subjects in the last category deferred choice.
Close

Details

Original languageEnglish
Place of PublicationSt Andrews
PublisherUniversity of St Andrews
Pages1-45
Number of pages45
StatePublished - 9 Jan 2019

Publication series

NameSchool of Economics & Finance Discussion Paper
PublisherUniversity of St Andrews
No.1416
ISSN (Print)0962-4031
ISSN (Electronic)2055-303X

    Research areas

  • Choice deferral, Choice reversals, Indecisiveness, Unattractiveness, Houtman-Maks

Discover related content
Find related publications, people, projects and more using interactive charts.

View graph of relations

Related by author

  1. Preference intensity representation and revelation

    Gerasimou, G. 30 Dec 2018 St Andrews: University of St Andrews, 32 p.(School of Economics and Finance Discussion Paper; no. 1716)

    Research output: Working paperDiscussion paper

  2. Dominance solvable multicriteria games with incomplete preferences

    Gerasimou, G. 8 Nov 2018 In : Economic Theory Bulletin. First Online, 7 p.

    Research output: Contribution to journalArticle

  3. Prest: open-source software for computational revealed preference analysis

    Gerasimou, G. & Tejiscak, M. 21 Oct 2018 In : Journal of Open Source Software. 3, 30, 1015

    Research output: Contribution to journalArticle

  4. Indecisiveness, undesirability and overload revealed through rational choice deferral

    Gerasimou, G. Sep 2018 In : The Economic Journal. 128, 614, p. 2450-2479

    Research output: Contribution to journalArticle

  5. On the indifference relation in Bewley preferences

    Gerasimou, G. Mar 2018 In : Economics Letters. 164, p. 24-26 3 p.

    Research output: Contribution to journalArticle

ID: 192881450