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Stochastic choice and consideration sets

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Manzini_EconDisPap_1303.pdf (324.0Kb)
Date
03/2013
Author
Manzini, Paola
Mariotti, Marco
Keywords
Discrete choice
Random utility
Logit model
Luce model
Consideration sets
Bounded rationality
Revealed preferences
HB Economic Theory
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Abstract
We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability,the attention parameter, and then chooses the alternative that maximises a preference relation within the set of considered alternatives. We show that this random choice rule is the only one for which the impact of removing an alternative on the choice probability of any other alternative is asymmetric and menu independent. Both the preference relation and the attention parameters are identified uniquely by stochastic choice data.
Citation
Manzini , P & Mariotti , M 2013 ' Stochastic choice and consideration sets ' School of Economics & Finance Discussion Paper , no. 1303 , University of St Andrews .
ISSN
0962-4031
Type
Working or discussion paper
Rights
(c) the author 2013
Description
Forthcoming in Econometrica
Collections
  • University of St Andrews Research
URL
http://ideas.repec.org/p/san/wpecon/1303.html
URI
http://hdl.handle.net/10023/3457

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