Confidence models of incomplete preferences

Morgan McClellon

Mathematical Social Sciences, 2016, vol. 83, issue C, 30-34

Abstract: This paper introduces a new class of representations for incomplete preferences called confidence models. Confidence models describe decision makers who behave as if they have probabilistic uncertainty over their true preferences, and are only willing to express a binary preference if it is sufficiently likely to hold. Confidence models provide a natural way to connect incomplete preferences with stochastic choice. This connection is characterized by a simple joint condition on an incomplete preference relation and a random choice rule.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:83:y:2016:i:c:p:30-34

DOI: 10.1016/j.mathsocsci.2016.06.005

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