Saved in:
| Main Author: | |
|---|---|
| Format: | Preprint |
| Published: |
2026
|
| Subjects: | |
| Online Access: | https://arxiv.org/abs/2601.02964 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1866910269875159040 |
|---|---|
| author | Seror, Avner |
| author_facet | Seror, Avner |
| contents | Behavioral theories rest on parsimony: a small number of mechanisms organizing many decisions. We define a Maximum Rule Concentration Index that measures how parsimoniously a dataset of risky choices can be organized through a library of simple, parameter-free decision rules drawn from canonical behavioral theories: salience, regret, disappointment, modal-payoff focusing, extreme-outcome screening, and limited attention. Applied to three lottery-choice datasets, the data exhibit detectable parsimony: for a majority of subjects, observed concentration exceeds what standard utility models generate on the same menus. The concentration organizes around salience thinking, modal-payoff focusing, and regret. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2601_02964 |
| institution | arXiv |
| publishDate | 2026 |
| record_format | arxiv |
| spellingShingle | How Many Mechanisms? Measuring Parsimony in Risky Choice Seror, Avner General Economics Economics Behavioral theories rest on parsimony: a small number of mechanisms organizing many decisions. We define a Maximum Rule Concentration Index that measures how parsimoniously a dataset of risky choices can be organized through a library of simple, parameter-free decision rules drawn from canonical behavioral theories: salience, regret, disappointment, modal-payoff focusing, extreme-outcome screening, and limited attention. Applied to three lottery-choice datasets, the data exhibit detectable parsimony: for a majority of subjects, observed concentration exceeds what standard utility models generate on the same menus. The concentration organizes around salience thinking, modal-payoff focusing, and regret. |
| title | How Many Mechanisms? Measuring Parsimony in Risky Choice |
| topic | General Economics Economics |
| url | https://arxiv.org/abs/2601.02964 |