Luce rule with limited consideration
Alonso Ahumada and
Levent Ülkü ()
Mathematical Social Sciences, 2018, vol. 93, issue C, 52-56
We study a modification of the Luce rule for stochastic choice which admits the possibility of zero probabilities. In any given menu, the decision maker uses the Luce rule on a consideration set, potentially a strict subset of the menu. Without imposing any structure on how the consideration sets are formed, we characterize the resulting behavior using a single axiom. Our result offers insight into special cases where consideration sets are formed under various restrictions.
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