Fast computation algorithm for the random consideration set model

Younghwan Lee

Economics Letters, 2019, vol. 179, issue C, 38-41

Abstract: This paper proposes a fast and reliable computation algorithm for the random consideration set model. A simple and numerically tractable representation of the model is developed to reduce the computational burden. I show that the new algorithm outperforms existing methods in terms of accuracy and speed.

Keywords: Bounded rationality; Discrete choice; Random consideration; Numerical method (search for similar items in EconPapers)
JEL-codes: C1 L1 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:179:y:2019:i:c:p:38-41

DOI: 10.1016/j.econlet.2019.03.018

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