Extreme Values and Choice Theory

Sidney I. Resnick and Rishin Roy
Additional contact information
Sidney I. Resnick: Cornell University
Rishin Roy: University of Toronto

A chapter in Extreme Value Theory and Applications, 1994, pp 319-336 from Springer

Abstract: Abstract We review recent developments in the theory of extremal processes, and their applications to modeling the choice behavior of individuals who behave according to the principle of random utility maximization. We trace the evolution of the modeling of the choice behavior of individuals beginning with intertemporal choice behavior where the set of alternatives is finite. Then we discuss models of continuous choice, where the choice set is no longer finite but an arbitrary compact set. The latter models are developed with max-stable processes representing the utility functions at any fixed point in time. We describe dynamic extensions of the modeling of continuous choice, which require extensions of the finite dimensional theory of classical extremal processes to infinite dimensions.

Keywords: Choice Behavior; Choice Theory; Random Element; Semicontinuous Function; Random Utility (search for similar items in EconPapers)
Date: 1994
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4613-3638-9_19

Ordering information: This item can be ordered from
http://www.springer.com/9781461336389

DOI: 10.1007/978-1-4613-3638-9_19

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().