A Theory of Ex Post Rationalization
People rationalize their past choices, even those that were mistakes in hindsight. We propose a formal theory of this behavior. The theory predicts that sunk costs affect later choices. Its model primitives are identified by choice behavior and it yields tractable comparative statics.
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| creator | Eyster, Erik Li, Shengwu Ridout, Sarah |
| description | People rationalize their past choices, even those that were mistakes in
hindsight. We propose a formal theory of this behavior. The theory predicts
that sunk costs affect later choices. Its model primitives are identified by
choice behavior and it yields tractable comparative statics. |
| doi_str_mv | 10.48550/arxiv.2107.07491 |
| format | Article |
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hindsight. We propose a formal theory of this behavior. The theory predicts
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| title | A Theory of Ex Post Rationalization |
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