Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice

By Jörg Rieskamp, Jerome R. Busemeyer, Barbara A. Mellers. 2006

363 citations recorded by the source corpus.

Subfields: Economics and Econometrics, General Decision Sciences, Safety Research

View Paper: https://www.semanticscholar.org/paper/e99d21a13099a5d48c28f13ae42ba069c0ac3590

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Citations in the corpus

Random Choice as Behavioral Optimization (2014, methodology): “Strotz’ (1955) model of consistent planning and Simon’s (1978) model of satisficing behavior are two well-known behavioral optimization models.”
Emergence of group rationality from irrational individuals (2011, background): “For example, a preference for option A over option B should not be altered by addition of a third option, which is less preferred than either A or B. Immunity to such decoys is a hallmark of rationality known as independence from irrelevant alternatives (IIA) (Rieskamp et al. 2006).”
Transitive in Our Preferences, But Transitive in Different Ways: An Analysis of Choice Variability (2014, background): “See also Rieskamp et al. (2006) for a review of related principles and theoretical accounts.”
Can There Ever Be Too Many Options? A Meta-Analytic Review of Choice Overload (2010, background): “…perspective, it challenges most choice models in psychology and economics according to which expanding a choice set cannot make decision makers worse off, and it violates the regularity axiom, a cornerstone of classical choice theory (Arrow 1963; Rieskamp, Busemeyer, and Mellers 2006; Savage 1954).”
Uncertainty and risk in wildland fire management: a review. (2011, background): “…with multiple, conflicting criteria, in turn limiting their ability to accurately articulate preferences (Ariely, 2009; Brown et al., 2008; Reiskamp et al., 2006; Braga and Starmer, 2005; Holmes and Boyle, 2005; Maguire and Albright, 2005; DeShazo and Fermo, 2002; Samuelson and…”
Stochastic Choice and Consideration Sets (2012, background): “For example, a brightly (20)In their survey on choice anomalies Rieskamp, Busemeyer and Meller [30] write: Does human choice behavior obey the principle of strong stochastic transitivity? An overwhelming number of studies suggest otherwise" (p.”
Hierarchical Bayesian parameter estimation for cumulative prospect theory (2011, background): “However, it should be noticed that the choice rule cannot explain violations of stochastic transitivity or of the independence from irrelevant alternatives principle (c.f. Rieskamp et al., 2006).”
Inferences under time pressure: how opportunity costs affect strategy selection. (2008, background): “probability proportional to their importance (Tversky, 1972; see also Rieskamp et al., 2006, for a discussion of EBA as a random utility model).”
Restricted Boltzmann machines modeling human choice (2014, methodology): “However, the standard choice model of the multinomial logit model (MLM) and its variants cannot represent at least one of the typical choice phenomena [13].”