Stochastic models for risky choices: A comparison of different axiomatizations

John K. Dagsvik

Journal of Mathematical Economics, 2015, vol. 60, issue C, 81-88

Abstract: For a long time researchers have recognized the need for applying stochastic models for analyzing data generated from agents’ choice under risk. This paper compares and discusses recent axiomatizations of stochastic models for risky choice given by Blavatskyy (2008) and Dagsvik (2008). We show that some of Blavatskyy’s axioms are equivalent to some of Dagsvik’s axioms. We also propose new axioms and derive their implications. Specifically, we show that some of the results of Dagsvik (2008) can be derived under weaker axioms than those he proposed originally.

Keywords: Stochastic choice under uncertainty; Random tastes; Bounded rationality; Independence from irrelevant alternatives (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:60:y:2015:i:c:p:81-88

DOI: 10.1016/j.jmateco.2015.06.013

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