The Decision-Conflict Logit
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We introduce the *decision-conflict logit*, a simple and disciplined extension of the logit with an outside option that assigns a menu-dependent utility to that option. The relative value of this utility at a menu could be interpreted as proxying decision difficulty and determines the probability of avoiding/delaying choice at that menu. We focus on two structured special cases of this model that offer complementary insights, and argue that they explain intuitively a variety of observed choice-deferral effects. We illustrate the models' applicability in theoretical and empirical economics.
Date: 2020-08, Revised 2022-08
New Economics Papers: this item is included in nep-dcm and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2008.04229
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