A Model of Temptation-Induced Compromise ⁄
A Model of Temptation-Induced Compromise ⁄
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诱惑导致的妥协模型 ⁄
DOI:
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发表时间:
2010
期刊:
影响因子:
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通讯作者:
Madhav Chandrasekher
中科院分区:
文献类型:
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作者:
Madhav Chandrasekher
This paper models menu choice problems in which the decision maker (DM) faces temptation at the ex ante stage of choice and responds to this temptation by making a compromise. We introduce a new class of utilities, called the category model, which captures this phenomenon and provide axiomatic foundations for this model. Our theory provides an approach to modeling temptation that is distinct from the costly self-control approach, initiated by Gul-Pesendorfer (GP) (2001). Moreover, it provides a sharp representation of two behavioral phenomena of current interest in the decision theory literature - the compromise efiect and the attraction efiect. The innovation of this paper is that we identify temptation as a common cause for both of these efiects and nest both of these features within an axiomatic model of compromise.