Gerasimou, G. (2016) Asymmetric dominance, deferral, and status quo bias in a behavioral model of choice. Theory and Decision, 80, pp. 295-312. (doi: 10.1007/s11238-015-9499-7)
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Abstract
This paper proposes and axiomatically characterizes a model of choice that builds on the criterion of partial dominance and allows for two types of avoidant behavior: choice deferral and status quo bias. These phenomena are explained in a unified way that allows for a clear theoretical distinction between them to be made. The model also explains the strengthening of the attraction effect that has been observed when deferral is permissible. Unlike other models of status quo biased behavior, the one analyzed in this paper builds on a unique, reference-independent preference relation that is acyclic and generally incomplete. When this relation is complete, the model reduces to rational choice.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Gerasimou, Professor Georgios |
| Authors: | Gerasimou, G. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Theory and Decision |
| Publisher: | Springer |
| ISSN: | 0040-5833 |
| ISSN (Online): | 1573-7187 |
| Published Online: | 29 May 2015 |
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