Stochastic choice with bounded processing capacity

Article Type

Research Article

Publication Title

Journal of Mathematical Psychology

Abstract

We propose and characterize a class of stochastic decision functions for a decision-maker who has a capacity for processing at most k-alternatives at a time. When faced with a menu containing more than k alternatives, she randomly chooses a sub-menu of size k with uniform probability and selects the best alternative according to a strict ordering ≻. For smaller menus, she chooses the best alternative according to ≻.

DOI

https://10.1016/j.jmp.2023.102771

Publication Date

6-1-2023

Comments

Open Access, Green

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