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The firm's objective function as a collective choice problem

✍ Scribed by Frank Milne

Publisher
Springer US
Year
1981
Tongue
English
Weight
762 KB
Volume
37
Category
Article
ISSN
0048-5829

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✦ Synopsis

This is a greatly revised version of an earlier paper written at the University of Rochester. In that paper I was indebted to Tom Russell and Harold Shefrin for comments. Also I am indebted to a referee for his comments and suggestions on a later draft. I am responsible for any remaining errors.

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## Abstract People are typically thought to be better off with more choices, yet often prefer to choose from few alternatives. By considering the perceived benefits and costs of choice, it is proposed that satisfaction from choice is an inverted U‐shaped function of the number of alternatives. This