Abstract
We analyze the rationality of a Decision Maker (DM) who chooses from lists of sets of alternatives. We propose and study four general classes of choice mechanism, representing the DM’s choice-behavior, and a new axiom, that we call No-Regret (NR). We show that the NR axiom, suggesting that alternatives disregarded as of no interest for the DM be ignored, is a rationality axiom that encompasses some compelling properties of the classical choice model and extends them to the proposed general framework of choice from lists of sets of alternatives.
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