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Stochastic choice and consideration sets

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dc.contributor.authorManzini, Paola
dc.contributor.authorMariotti, Marco
dc.date.accessioned2013-04-03T09:01:04Z
dc.date.available2013-04-03T09:01:04Z
dc.date.issued2013-03
dc.identifier.citationManzini , P & Mariotti , M 2013 ' Stochastic choice and consideration sets ' School of Economics & Finance Discussion Paper , no. 1303 , University of St Andrews .en
dc.identifier.issn0962-4031
dc.identifier.otherPURE: 49294121
dc.identifier.otherPURE UUID: cec32211-5b0a-4c52-b650-11c45b804b13
dc.identifier.urihttps://hdl.handle.net/10023/3457
dc.descriptionForthcoming in Econometricaen
dc.description.abstractWe 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.
dc.format.extent34
dc.language.isoeng
dc.publisherUniversity of St Andrews
dc.relation.ispartofseriesSchool of Economics & Finance Discussion Paperen
dc.rights(c) the author 2013en
dc.subjectDiscrete choiceen
dc.subjectRandom utilityen
dc.subjectLogit modelen
dc.subjectLuce modelen
dc.subjectConsideration setsen
dc.subjectBounded rationalityen
dc.subjectRevealed preferencesen
dc.subjectHB Economic Theoryen
dc.subject.lccHBen
dc.titleStochastic choice and consideration setsen
dc.typeWorking or discussion paperen
dc.contributor.sponsorEconomic & Social Research Councilen
dc.description.versionPostprinten
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen
dc.identifier.urlhttp://ideas.repec.org/p/san/wpecon/1303.htmlen
dc.identifier.grantnumberES/J012513/1en


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