This article studies and characterizes a family of reference-dependent choice procedures. The decision maker is assumed to compare alternatives with a reference alternative by a single criterion or multiple criteria. The choice set contains all alternatives passing the threshold (set by the reference alternative) in terms of all criteria. Characterizations are provided for variants of such choice procedures.
- Multi-dimensional preference
- Reference dependent choice
- Satisficing behavior
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)