Abstract
This paper provides two axiomatic derivations of a case-based decision rule. Each axiomatization shows that, if preference orders over available acts in various contexts satisfy certain consistency requirements, then these orders can be numerically represented by maximization of a similarity-weighted utility function. In each axiomatization, both the similarity function and the utility function are simultaneously derived from preferences, and the axiomatic derivation also suggests a way to elicit these theoretical concepts from in-principle observable preferences. The two axiomatizations differ in the type of decisions that they assume as data. Journal of economic literature classification number: d80.
Original language | English |
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Pages (from-to) | 483-502 |
Journal | Journal of Economic Theory |
Volume | 105 |
DOIs | |
Publication status | Published - 1 Jan 2002 |