ALTERNATIVE THEORETICAL FRAMEWORKS FOR THE INTERPRETATION OF RANDOM UTILITY MODELS

E. Fabio Arcangeli, Giorgio Leonardi and Aura Reggiani ()

Papers in Regional Science, 1985, vol. 58, issue 1, 7-20

Abstract: ABSTRACT Orthodox demand theory has received greater flexibility and adaptability to different choice situations from the broad family of Additive Random Utility Models. But this development leaves the major open issues in demand analysis still unresolved. In this contribution special attention is given to alternative theoretical frameworks for the interpretation of Random Utility Models. The analysis conducted opens the way for further developments and, in conclusion, a first outline of a stochastic model, where choice probabilities can be interpreted as function of some “observed attractiveness” in the theoretical framework of bounded rationality, is presented.

Date: 1985
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https://doi.org/10.1111/j.1435-5597.1985.tb00911.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:presci:v:58:y:1985:i:1:p:7-20

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