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RANDOM CHOICE AS BEHAVIORAL OPTIMIZATION

delete2014-01-01
delete88
PRE
AI
F
Faruk Gül *
P
Paulo Natenzon
W
Wolfgang Pesendorfer
DOI:10.3982/ECTA10621delete
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摘要

摘要

En 中文
We develop an extension of Luce's random choice model to study violations of the weak axiom of revealed preference. We introduce the notion of a stochastic preference and show that it implies the Luce model. Then, to address well-known difficulties of the Luce model, we define the attribute rule and establish that the existence of a well-defined stochastic preference over attributes characterizes it. We prove that the set of attribute rules and random utility maximizers are essentially the same. Finally, we show that both the Luce and attribute rules have a unique consistent extension to dynamic problems.vskip=-17.5pt]Author: please provide at least three Key Words that describe the article.
Keyword:
Luce rule
attribute rule
random utility
dynamic random choice
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期刊

Econometrica 封面图
Econometrica
IF:
7.1
论文数:
3.0K
被引数:
4.3W

机构

P
Princeton University
学者数:
2.1W
论文数: 2.3W
被引数: 5.1W
W
washington university (wustl)
学者数:
5.5W
论文数: 4.5W
被引数: 70
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