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Dual decision processes : retrieving preferences when some choices are intuitive

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dc.contributor.author Cerigioni, Francesco
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2018-02-14T15:30:08Z
dc.date.available 2018-02-14T15:30:08Z
dc.date.issued 2016-09-14
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1550
dc.identifier.citation
dc.identifier.uri http://hdl.handle.net/10230/33902
dc.description.abstract Evidence from cognitive sciences shows that some choices are conscious and re ect individual prefer- ences while others tend to be intuitive, driven by analogies with past experiences. Under these circum- stances, usual economic modeling might not be valid because not all choices are the consequence of individual tastes. We here propose a behavioral model that can be used in standard economic analysis that formalizes how conscious and intuitive choices arise by presenting a decision maker composed by two systems. One system compares past decision problems with the one the decision maker faces, and it replicates past behavior when the problems are similar enough (Intuitive choices). Otherwise, a second system is activated and preferences are maximized (Conscious choices). We then present a novel method capable of nding conscious choices just from observed behavior and nally, we provide a choice theoretical foundation of the model and discuss its importance as a general framework to study behavioral inertia.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1550
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Dual decision processes : retrieving preferences when some choices are intuitive
dc.title.alternative
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2017-07-23T02:18:00Z
dc.subject.keyword dual processes
dc.subject.keyword fast and slow thinking
dc.subject.keyword similarity
dc.subject.keyword revealed preferences
dc.subject.keyword memory
dc.subject.keyword intuition
dc.subject.keyword Behavioral and Experimental Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess


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