An ´ etude in choice theory: Choosing the two finalists

Abstract

This paper studies a decision maker who tackles a choice problem by selecting a subset of (at most) two alternatives which he will consider further in the second stage of his deliberation. We focus on the first stage where he chooses the delebration set. We axiomatize three types of procedures: (i) The top two: the decision maker has in mind an ordering and chooses the two maximal alternatives. (ii) The two extremes: the decision maker has in mind an ordering and chooses the maximal and the minimal alternatives. (iii) The top and the top: the decision maker has in mind two orderings and he chooses the maximal elements.

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