Stochastic choice and fuzzy attention∗
نویسنده
چکیده
We introduce a new choice rule that is based on the evidence that decision makers do not pay attention to all items in a menu. Nevertheless they have an underlying rational preference. The Fuzzy Attention Model (FAM) is characterized by an axiom based on revealed stochastic choice akin to the Strong Axiom of Revealed Preference (SARP). The model helps to introduce novel notions of substitutability and complementarity of attention. The FAM nests the literature on random consideration sets proposed by Manzini and Mariotti (2014) and the standard rational model, but is not nested in the random utility framework. JEL classification numbers: C60, D10.
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