Reason-based choice and context-dependence: An explanatory framework

Economics and Philosophy 32 (2):175-229 (2016)

Authors
Franz Dietrich
Centre National de la Recherche Scientifique
Christian List
London School of Economics
Abstract
We introduce a “reason-based” framework for explaining and predicting individual choices. It captures the idea that a decision-maker focuses on some but not all properties of the options and chooses an option whose motivationally salient properties he/she most prefers. Reason-based explanations allow us to distinguish between two kinds of context-dependent choice: the motivationally salient properties may (i) vary across choice contexts, and (ii) include not only “intrinsic” properties of the options, but also “context-related” properties. Our framework can accommodate boundedly rational and sophisticatedly rational choice. Since properties can be recombined in new ways, it also offers resources for predicting choices in unobserved contexts.
Keywords Rational choice  Reasons  Context  Context-dependence  Bounded rationality  Sophisticated rationality  Non-consequentialism  Decision theory  Framing  Intentional explanation
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Reprint years 2016
DOI 10.1017/S0266267115000474
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References found in this work BETA

Reason-Based Choice.E. Shafir - 1993 - Cognition 49 (1-2):11-36.
Decision Theory and Rationality.Jos Luis Bermdez - 2009 - Oxford University Press.
Internal Consistency of Choice.Amartya Sen - 1993 - Econometrica 61:495–521.

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Citations of this work BETA

On the Interpretation of Decision Theory.Samir Okasha - forthcoming - Economics and Philosophy:1-25.
What We Choose, What We Prefer.Brian Kogelmann - 2018 - Synthese 195 (7):3221-3240.

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