Self-progressive choice models
Abstract
Consider a population of heterogenous agents whose choice behaviors are partially comparable according to given primitive orderings. The set of choice functions admissible in the population specifies a choice model. A choice model is self-progressive if each aggregate choice behavior consistent with the model is uniquely representable as a probability distribution over admissible choice functions that are comparable. We establish an equivalence between self-progressive choice models and well-known algebraic structures called lattices. This equivalence provides for a precise recipe to restrict or extend any choice model for unique orderly representation. To prove out, we characterize the minimal self-progressive extension of rational choice functions, explaining why agents might exhibit choice overload. We provide necessary and sufficient conditions for the identification of a (unique) primitive ordering that renders our choice overload representation to a choice model.
- Publication:
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arXiv e-prints
- Pub Date:
- December 2022
- DOI:
- 10.48550/arXiv.2212.13449
- arXiv:
- arXiv:2212.13449
- Bibcode:
- 2022arXiv221213449Y
- Keywords:
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- Economics - Theoretical Economics;
- Computer Science - Discrete Mathematics