2013 Fiscal Year Final Research Report

Axiomatizing psychological effects on the timing of decision making and its application

Research Project

Project/Area Number	24730168
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Multi-year Fund
Research Field	Economic theory
Research Institution	Iwate Prefectural University
Principal Investigator	KOIDA Nobuo 岩手県立大学, 総合政策学部, 准教授 (30363724)
Project Period (FY)	2012-04-01 – 2014-03-31
Keywords	意思決定理論 / メニュー選好 / 意思決定時間 / 確率的選択
Research Abstract	This research program primarily axiomatizes (i.e., provides behavioral characterization for) stochastic choice and delayed decision caused by conflict. First, the study "Anticipated Stochastic Choice" characterizes a wide range of stochastic choice models, including trembling hands and limited attention. Moreover, the obtained model enables us to conduct comparative statics of bounded rationality with respect to the size of mixed strategies available to the decision maker. Second, "A Multi-attribute Decision Time Theory" axiomatizes a preference representation that can explain delayed decision caused by conflict between alternatives (e.g., alternative A is better than B in one attribute while B is better than A in another attribute). This study also specifies the type of decision problems that prolongs the decision time.