{"componentChunkName":"component---src-templates-post-query-tsx","path":"/research/bounded-rationality-as-subjective-menus-contraction-consistency-and-intertemporal-choice/","result":{"pageContext":{"post":{"slug":"/research/bounded-rationality-as-subjective-menus-contraction-consistency-and-intertemporal-choice/","title":"Bounded Rationality as Subjective Menus: Contraction Consistency and Intertemporal Choice","date":"Sep 29, 2009","timeToRead":1,"description":"How would a boundedly rational agent react to a larger menu? I model bounded rationality as choice from an unobservable, subjective consideration subset.","body":"function _extends() { _extends = Object.assign || function (target) { for (var i = 1; i < arguments.length; i++) { var source = arguments[i]; for (var key in source) { if (Object.prototype.hasOwnProperty.call(source, key)) { target[key] = source[key]; } } } return target; }; return _extends.apply(this, arguments); }\n\nfunction _objectWithoutProperties(source, excluded) { if (source == null) return {}; var target = _objectWithoutPropertiesLoose(source, excluded); var key, i; if (Object.getOwnPropertySymbols) { var sourceSymbolKeys = Object.getOwnPropertySymbols(source); for (i = 0; i < sourceSymbolKeys.length; i++) { key = sourceSymbolKeys[i]; if (excluded.indexOf(key) >= 0) continue; if (!Object.prototype.propertyIsEnumerable.call(source, key)) continue; target[key] = source[key]; } } return target; }\n\nfunction _objectWithoutPropertiesLoose(source, excluded) { if (source == null) return {}; var target = {}; var sourceKeys = Object.keys(source); var key, i; for (i = 0; i < sourceKeys.length; i++) { key = sourceKeys[i]; if (excluded.indexOf(key) >= 0) continue; target[key] = source[key]; } return target; }\n\n/* @jsxRuntime classic */\n\n/* @jsx mdx */\nvar _frontmatter = {\n  \"title\": \"Bounded Rationality as Subjective Menus: Contraction Consistency and Intertemporal Choice\",\n  \"date\": \"2009-09-29\",\n  \"template\": \"post\",\n  \"slug\": \"bounded-rationality-as-subjective-menus-contraction-consistency-and-intertemporal-choice\",\n  \"postedLink\": \"https://riceinstitute.org/research/bounded-rationality-as-subjective-menus-contraction-consistency-and-intertemporal-choice/\",\n  \"description\": \"How would a boundedly rational agent react to a larger menu? I model bounded rationality as choice from an unobservable, subjective consideration subset.\",\n  \"tags\": \"Research\",\n  \"banner\": \"\"\n};\nvar layoutProps = {\n  _frontmatter: _frontmatter\n};\nvar MDXLayout = \"wrapper\";\nreturn function MDXContent(_ref) {\n  var components = _ref.components,\n      props = _objectWithoutProperties(_ref, [\"components\"]);\n\n  return mdx(MDXLayout, _extends({}, layoutProps, props, {\n    components: components,\n    mdxType: \"MDXLayout\"\n  }), mdx(\"p\", null, \"Authors: Dean Spears\"), mdx(\"p\", null, \"Published in: \", mdx(\"em\", {\n    parentName: \"p\"\n  }, \"Social Science Research Network\")), mdx(\"p\", null, mdx(\"a\", {\n    parentName: \"p\",\n    \"href\": \"https://github.com/riceinstitute/content/blob/release/research/spears-2009-bounded-rationality-as-subjective-menus-contraction-consistency-and-intertemporal-choice.pdf\",\n    \"target\": \"_blank\",\n    \"rel\": \"noopener noreferrer\"\n  }, \"Download Paper\")), mdx(\"p\", null, \"Abstract:\"), mdx(\"p\", null, \"How would a boundedly rational agent react to a larger menu? I model bounded rationality as choice from an unobservable, subjective consideration subset. Consideration sets satisfy Sen's (1969) property alpha: larger objective choice sets can generate smaller consideration sets. \"), mdx(\"p\", null, \"In a single-period model, the \\\"weak weak axiom of revealed preference\\\" is represented by such choice; contraction consistency underlies two recent representations of this axiom. The main contribution is a representation of intertemporal choice: sets are as valuable as their subjective subsets. Applications suggest that bounded rationality could explain some phenomena often ascribed to behavioral preferences, including some apparent impatience.\"));\n}\n;\nMDXContent.isMDXComponent = true;","tags":[{"name":"Research","slug":"research"}],"banner":null}}},"staticQueryHashes":["318001574","3787687951","3787687951"]}