PREFERENCES UNDER IGNORANCE
研究决策者在最初对每个选项的回报一无所知、经过大量选择后才了解回报的情况下,如何形成最优选择规则,并发现该规则可被具有严格偏好的决策者理性化。
Abstract A decision maker (DM) makes choices from different sets of alternatives. The DM is initially ignorant of the payoff associated with each alternative and learns these payoffs only after a large number of choices have been made. We show that, in the presence of an outside option, once payoffs are learned, the optimal choice rule from sets of alternatives can be rationalized by a DM with strict preferences over all alternatives. Under this model, the DM has preferences for preferences while being ignorant of what preferences are “right.”