Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/197155 
Autor:innen: 
Erscheinungsjahr: 
2018
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 13 [Issue:] 2 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2018 [Pages:] 527-552
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
We characterize axiomatically a stochastic choice model, the consistent-mistakes model (CMM), that describes an error-prone decision maker's choices. In contrast to random utility models, CMMs generate closed-form choice probability. Under the axioms, we uniquely identify from the choices an expected utility function that represents the decision maker's true preference and a propensity function that describes how likely an alternative is to be chosen. We introduce a measure of error-proneness and show that the logit model of mistakes is a CMM with a constant measure of error-proneness, characterized by a strong version of the independence axiom from expected utility theory. We analyze the properties of models of mistakes.
Schlagwörter: 
Stochastic choice
error-proneness
logit model
JEL: 
D00
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by-nc Logo
Dokumentart: 
Article

Datei(en):
Datei
Größe
289.26 kB





Publikationen in EconStor sind urheberrechtlich geschützt.