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Decision Making under Uncertainty
Time-Constrained Sequential Neural Decision Procedures in Multialternative Choice Problems
Fabio Maccheroni, Bocconi University
Monday, May 2, 2022
Abstract:
We introduce an algorithmic decision process for multialternative choice, the Neural Metropolis Algorithm, that combines binary comparisons and Markovian exploration. We show that a stochastic version of transitivity, a basic tenet of rationality, makes this algorithm value-based. In so doing, we extend to decision procedures some classic stochastic choice notions.