On the Computational Complexity of Consumer Decision Rules.
A consumer entering a new bookstore can face more than 250,000 alternatives. The efficiency of compensatory and noncompensatory decision rules for finding a preferred item depends on the efficiency of their associated information operators. At best, item-by-item information operators lead to linear computational complexity; set information operators, on the other hand, can lead to constant complexity. We perform an experiment demonstrating that subjects are approximately rational in selecting...Expand abstract
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