Rehabilitating the Random Utility Model. A comment on Apesteguia and Ballester (2018)
Anna Conte () and
John Hey ()
Discussion Papers from Department of Economics, University of York
The Random Utility Model (RUM) and the Random Preference Model (RPM) are important tools in the economist’s toolbox when estimating preference functionals from experimental data. In an important recent paper in this journal, Apesteguia and Ballester (2018) cautioned decision theorists against using the RUM, suggesting that the RPM may be preferable. This short note comments on this paper, and concludes that RUM does not suffer from the drawbacks suggested in their paper.
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