On the Logic of Choice

Research output: Working paperProfessional

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Abstract

We describe an axiomatic framework for standard preference orderings, entirely based on the principle that values should be in the range of their updates. The corresponding fixed point update rule is proposed as the unifying update formula without the Sure Thing Principle.

We show how this rule is compatible with the non-consequentialist aspects of conditional choice implied by plan consistency.

This puts the normative content of behavioral models in quite a different perspective. We therefore conclude by indicating how the principles of Cumulative Prospect Theory apply to consistent choice.
Original languageEnglish
Publication statusUnpublished - 9 Oct 2019

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Logic
Sure-thing principle
Behavioral model
Axiomatics
Fixed point
Cumulative prospect theory

Cite this

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title = "On the Logic of Choice",
abstract = "We describe an axiomatic framework for standard preference orderings, entirely based on the principle that values should be in the range of their updates. The corresponding fixed point update rule is proposed as the unifying update formula without the Sure Thing Principle. We show how this rule is compatible with the non-consequentialist aspects of conditional choice implied by plan consistency. This puts the normative content of behavioral models in quite a different perspective. We therefore conclude by indicating how the principles of Cumulative Prospect Theory apply to consistent choice.",
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On the Logic of Choice. / Roorda, Berend ; Joosten, Reinoud A.M.G.

2019.

Research output: Working paperProfessional

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