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Stochastic choice and consideration sets

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dc.contributor.authorManzini, Paola
dc.contributor.authorMariotti, Marco
dc.date.accessioned2013-10-16T15:31:01Z
dc.date.available2013-10-16T15:31:01Z
dc.date.issued2014
dc.identifier.citationManzini , P & Mariotti , M 2014 , ' Stochastic choice and consideration sets ' , Econometrica , vol. 89 , no. 3 , pp. 1153-1176 . https://doi.org/10.3982/ECTA10575en
dc.identifier.issn0012-9682
dc.identifier.otherPURE: 74518337
dc.identifier.otherPURE UUID: 1234160f-40ba-4b82-aba6-ff12c3152a2c
dc.identifier.otherScopus: 84901795616
dc.identifier.otherWOS: 000337685500008
dc.identifier.urihttps://hdl.handle.net/10023/4092
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.extent24
dc.language.isoeng
dc.relation.ispartofEconometricaen
dc.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.en
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.typeJournal articleen
dc.contributor.sponsorEconomic & Social Research Councilen
dc.description.versionPostprinten
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen
dc.identifier.doihttps://doi.org/10.3982/ECTA10575
dc.description.statusPeer revieweden
dc.identifier.urlhttp://www.econometricsociety.org/manus.aspen
dc.identifier.urlhttp://www.econometricsociety.org/asp/pdfstreamer.asp?ref=653en
dc.identifier.grantnumberES/J012513/1en


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