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Revealed stochastic preference: a synthesis

Daniel McFadden

Economic Theory, 2005, vol. 26, issue 2, 245-264

Abstract: The problem of revealed stochastic preference is whether probability distributions of observed choices in a population for various choice situations are consistent with a hypothesis of maximization of preference preorders by members of the population. This is a population analog of the classical revealed preference problem in economic consumer theory. This paper synthesizes the solutions to this problem that have been obtained by Marcel K. Richter and the author, and by J. C. Falmagne, in the case of finite sets of alternatives, and utilizes unpublished research of Richter and the author to give results for the non-finite choice sets encountered in economic consumer theory. Copyright Springer-Verlag Berlin/Heidelberg 2005

Keywords: Choice; Stochastic preference; Revealed preference; Random utility maximization. (search for similar items in EconPapers)
Date: 2005
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