The number of boundedly rational choices on four elements

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

• D01