case-based decision theory : The New Palgrave Dictionary of Economics

case-based decision theory

From The New Palgrave Dictionary of Economics, Online Edition, 2009

Edited by Steven N. Durlauf and Lawrence E. Blume

Abstract

Case-based decision theory was developed by Gilboa and Schmeidler. This article describes the framework and lays out the axiomatic foundations of the theory. An illustration based on a model of repeated choice is provided and the applications of the theory to economic problems are listed. Finally, the relationship between the case-based decision theory and expected utility theory is discussed.

Keywords

aspiration levels; case-based decision theory; consumer choice theory; decision making; expected utility theory

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How to cite this article

Guerdjikova, Ani. "case-based decision theory." The New Palgrave Dictionary of Economics. Online Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2009. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 09 September 2010 <http://dictionaryofeconomics.com/article?id=pde2009_C000062> doi:10.1057/9780230226203.1907

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Abstract
Keywords
Article
- 1 An example
- 2 The framework
- 3 The representation
- 4 Repeated choice
- 5 Applications
- 6 Axiomatization
- 7 Case-based decision theory and expected utility theory
See Also
Bibliography
How to cite this article

The New Palgrave Dictionary of Economics Online