We use a combinatorial approach to identify and compute the number of non-isomorphic choices on four elements that can be explained by several models of bounded rationality. • These estimates offer a tool to analyze choice experiments designed on four-element sets. • The presented methodology allows the application of an algorithm to estimate the fraction of choices justifiable by these models on finite sets. • Our approach can be extended to evaluate other – existing or future – models of bounded rationality.
The number of boundedly rational choices on four elements
Petralia A.;
2022-01-01
Abstract
We use a combinatorial approach to identify and compute the number of non-isomorphic choices on four elements that can be explained by several models of bounded rationality. • These estimates offer a tool to analyze choice experiments designed on four-element sets. • The presented methodology allows the application of an algorithm to estimate the fraction of choices justifiable by these models on finite sets. • Our approach can be extended to evaluate other – existing or future – models of bounded rationality.
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