St Andrews Research Repository

View Item 
  •   St Andrews Research Repository
  • University of St Andrews Research
  • University of St Andrews Research
  • University of St Andrews Research
  • View Item
  •   St Andrews Research Repository
  • University of St Andrews Research
  • University of St Andrews Research
  • University of St Andrews Research
  • View Item
  •   St Andrews Research Repository
  • University of St Andrews Research
  • University of St Andrews Research
  • University of St Andrews Research
  • View Item
  • Login
JavaScript is disabled for your browser. Some features of this site may not work without it.

Stochastic choice and consideration sets

View/Open
consetmanuscriptfinal.pdf (220.6Kb)
Date
2014
Author
Manzini, Paola
Mariotti, Marco
Keywords
Discrete choice
Random utility
Logit model
Luce model
Consideration sets
Bounded rationality
Revealed preferences
HB Economic Theory
Metadata
Show full item record
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 2014 , ' Stochastic choice and consideration sets ' Econometrica , vol 89 , no. 3 , pp. 1153-1176 . DOI: 10.3982/ECTA10575
Publication
Econometrica
Status
Peer reviewed
DOI
http://dx.doi.org/10.3982/ECTA10575
ISSN
0012-9682
Type
Journal article
Rights
© 2014. Econometric Society. The copyright to this article is held by the Econometric Society, http://www.econometricsociety.org/. It may be downloaded, printed and reproduced only for personal or classroom use. Absolutely no downloading or copying may be done for, or on behalf of, any for-profit commercial firm or for other commercial purpose without the explicit permission of the Econometric Society. For this purpose, contact the Editorial Office of the Econometric Society at econometrica@econometricsociety.org.
Collections
  • University of St Andrews Research
  • Economics & Finance Research
URI
http://hdl.handle.net/10023/4092
http://www.econometricsociety.org/manus.asp
http://www.econometricsociety.org/asp/pdfstreamer.asp?ref=653

Items in the St Andrews Research Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

Advanced Search

Browse

All of RepositoryCommunities & CollectionsBy Issue DateNamesTitlesSubjectsClassificationTypeFunderThis CollectionBy Issue DateNamesTitlesSubjectsClassificationTypeFunder

My Account

Login

Open Access

To find out how you can benefit from open access to research, see our library web pages and Open Access blog. For open access help contact: openaccess@st-andrews.ac.uk.

How to submit research papers

The full text of research papers can be submitted to the repository via PURE, the University's research information system. For help see our guide: How to deposit in Pure.

Electronic thesis deposit

Help with deposit.

Repository help

For repository help contact: Digital-Repository@st-andrews.ac.uk.

Give Feedback

Cookie policy

This site may use cookies. Please see Terms and Conditions.

Usage statistics

COUNTER-compliant statistics on downloads from the repository are available from the IRUS-UK Service. Contact us for information.

© University of St Andrews Library

University of St Andrews is a charity registered in Scotland, No SC013532.

  • Facebook
  • Twitter