Adam Smith Business School

Professor Paola Manzini, University of Bristol

'Mixture Choice Data: Revealing Preferences and Cognition' (co-authored by V. Dardanoni, M. Mariotti, H. Petri & C. J. Tyson)
Tuesday 8 March 2022, 1pm - 2.15pm

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Abstract

Mixture choice data consist of the joint distribution of choices of a group of agents from a collection of menus, comprising the implied stochastic choice function plus any cross-menu correlations. When boundedly rational decision makers are heterogeneous with respect to both preferences and cognition, we demonstrate that these two components of behaviour are identified simultaneously by suitable mixture choice data. We extend this finding to specialised models of random satisficing thresholds and quantal Fechnerian choice, which we employ together with a simulated mixture choice dataset to illustrate the application of our empirical framework.

Biography

Paola Manzini is a Professor of Economics in the School of Economics at the University of Bristol. Her research interests lie in the mathematical modelling of human decisions and interactions in possibly conflictual strategic situations (i.e. game theory). Paola has worked extensively on bargaining and negotiations, and in more recent years has been focussing on modelling the behaviour of agents who fail the classic assumptions of full rationality, e.g. because of attention failures, misperception of time, reliance on possibly suboptimal rules of thumb, and so on. She has experience in the design and running of experiments. Paola joined Bristol in April 2021, having worked at the University of Sussex, the University of St Andrews, and Queen Mary, University of London. Her first appointment was at the University of Exeter.

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First published: 11 February 2022