Revealed stochastic choice with attributes

Roy Allen and John Rehbeck ()
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John Rehbeck: The Ohio State University

Economic Theory, 2023, vol. 75, issue 1, No 4, 112 pages

Abstract: Abstract Many theoretical models of stochastic choice are characterized by availability variation. Instead, most stochastic choice datasets have information on attribute values that vary across decision problems. This paper uses attribute variation to characterize a framework that encompasses existing interpretations of stochastic choice including consideration sets and nested choice behavior. The model has utility indices that depend on attribute values, and is characterized by a monotonicity condition relating probabilities and utility indices. Linear utility indices can be estimated for the model using existing methods without taking a stand on a single reason why choice is stochastic.

Keywords: Stochastic choice; Revealed preference; Attributes; Aggregation (search for similar items in EconPapers)
JEL-codes: D01 D03 D12 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s00199-021-01405-1

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