Unique Random Utility Representations

Morgan McClellon

Working Paper from Harvard University OpenScholar

Abstract: Random utility representations of stochastic choice data on a finite set of alternatives are not necessarily unique. In fact, failures of uniqueness are shown here to be widespread: any random utility function with full support is nonunique. To restore uniqueness this paper introduces a finite state space and considers random choice over Savage acts. A representation is characterized in which acts are chosen according to the probability that they are optimal in every state.

Date: 2015-06
New Economics Papers: this item is included in nep-mic and nep-upt
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