Preference and the cost of preferential choice
type: Item
instance of: scholarly article
title: Preference and the cost of preferential choice
zbMATH Open document ID: 0593.90001
DOI: 10.1007/BF00134169
author: Carl Halldin
published in: Theory and Decision
publication date: 1986-01-01T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 91B08
Mathematics Subject Classification ID: 91B06
zbMATH DE Number: 3954596
zbMATH Keywords: binary choice
zbMATH Keywords: cost of rational decision-making
MaRDI profile type: Publication
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description: scientific article; zbMATH DE number 3954596