Deliberately Stochastic

Cerreia-Vioglio, Simone

doi:10.1257/aer.20180688

Deliberately Stochastic

2019-07-01

38

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AI

C

Cerreia-Vioglio, Simone *

DOI：10.1257/aer.20180688

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We study stochastic choice as the outcome of deliberate randomization. We derive a general representation of a stochastic choice function where stochasticity allows the agent to achieve from any set the maximal element according to her underlying preferences over lotteries. We show that in this model stochasticity in choice captures complementarily between elements in the set, and thus necessarily implies violations of Regularity/Monotonicity, one of the most common properties of stochastic choice. This feature separates our approach from other models, e.g., Random Utility.

Keyword:

EXPECTED UTILITY

RATIONAL INATTENTION

REVEALED PREFERENCE

DECISION-MAKING

CHOICE

MODELS

LOGIT

Deliberately Stochastic

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