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On the Computational Complexity of Consumer Decision Rules.

Abstract:

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...

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K. Fortson More by this author
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Journal:
Computational Economics
Volume:
23
Issue:
2
Publication date:
2004
DOI:
URN:
uuid:b8c18800-89e4-4ccd-a5c6-bc718dc0df12
Local pid:
oai:economics.ouls.ox.ac.uk:15233
Language:
English

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