Journal
ECONOMICS AND PHILOSOPHY
Volume 32, Issue 2, Pages 175-229Publisher
CAMBRIDGE UNIV PRESS
DOI: 10.1017/S0266267115000474
Keywords
Rational choice; reasons; context-dependence; bounded and sophisticated rationality; prediction of choice
Funding
- Ludwig Lachmann Fellowship at the LSE
- French Agence Nationale de la Recherche [ANR-12-INEG-0006-01]
- Leverhulme Major Research Fellowship
- Franco-Swedish Programme in Philosophy and Economics
- Agence Nationale de la Recherche (ANR) [ANR-12-INEG-0006] Funding Source: Agence Nationale de la Recherche (ANR)
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We introduce a reason-based' framework for explaining and predicting individual choices. The key idea is 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 can capture two kinds of context-dependent choice: (i) the motivationally salient properties may vary across choice contexts, and (ii) they may include context-related' properties, not just intrinsic' properties of the options. Our framework allows us to explain boundedly rational and sophisticated choice behaviour. Since properties can be recombined in new ways, it also offers resources for predicting choices in unobserved contexts.
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