Gleb Koshevoy
Institute for Information Transmission Problems, Russian Academy of Science of Moscow
Ernesto Savaglio
DEA, University of Pescara and GRASS
Abstract
We analyze the rationality of a Decision Maker (DM) who chooses from lists of sets of alternatives. A new class of choice functions, representing the DM's choice-behavior, and a new rationality axiom are proposed and studied. We show that a property, that we call No-Regret suggests that alternatives disregarded as of no interest for the DM be ignored, is a rationality criterion that encompasses some compelling postulates of the classical choice model and extends them to the proposed general framework of choice from lists of sets of alternatives.
Keyword
Choice from lists of sets, No-regret, Outcast, Heritage, Path-independence.
Jel Codes
D01
