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| Author: | Sen, A. |
| Title: | Maximization and the act of choice |
| Journal: | Econometrica
1997 : VOL. 65:4, p. 781-831 |
| Index terms: | DECISION MAKING CHOICE THEORY PREFERENCES |
| Language: | eng |
| Abstract: | Process significance, in which preferences may be sensitive to the choice process incl. the identity of chooser, and decisional inescapability, in which choices may have to be madewhether or not the judgemental process has been completed, are things giving relevance for the act of choosing in maximising behavior. The general approach of maximizing behavioraccomodate both concerns. The regularities of choice behavior assumed in standard models of rational choice needs special modification. In studies of economic, political and social behavior these differences have significant relevance. |
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