Preference and the cost of preferential choice (Q1076591)
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scientific article; zbMATH DE number 3954596
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| English | Preference and the cost of preferential choice |
scientific article; zbMATH DE number 3954596 |
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Preference and the cost of preferential choice (English)
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1986
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Inspired by the pioneering work by Jacob Marschak, the paper suggests a model for introducing, and accounting for, the cost of rational decision- making within the particular context of consumer's preferential binary choice. According to the model, a 'rational accounting for cost' consumer might fail - except under in each case specified restrictive conditions, referring to the cost of comparison involved - to satisfy any but the weakest preference properties usually presumed. The results are related to some well-known intuitive criticisms of traditional preference theory, and also to some wider consumer- and welfare-economic aspects.
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binary choice
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cost of rational decision-making
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0.8965646
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0.88204706
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0.8607164
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