The number of boundedly rational choices on four elements

Alfio Giarlotta; Angelo Petralia; Stephen Watson

doi:10.1016/j.mex.2022.101854

The number of boundedly rational choices on four elements

MethodsX. 2022 Sep 13:9:101854. doi: 10.1016/j.mex.2022.101854. eCollection 2022.

Authors

Alfio Giarlotta¹, Angelo Petralia², Stephen Watson³

Affiliations

¹ Department of Economics and Business, University of Catania, Catania, Italy.
² University of Turin & Collegio Carlo Alberto, Turin, Italy.
³ Department of Mathematics and Statistics, York University, Toronto, Canada.

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.

Keywords: Bounded rationality; Choice; Isomorphism; Tournament.