dc.contributor.author | Dagsvik, John K. | |
dc.date.accessioned | 2011-10-09T15:18:18Z | |
dc.date.available | 2011-10-09T15:18:18Z | |
dc.date.issued | 1998 | |
dc.identifier.issn | 1892-753x | |
dc.identifier.uri | http://hdl.handle.net/11250/180317 | |
dc.description.abstract | Abstract:
This paper discusses the problem of specifying probabilistic models for choices (strategies) with
uncertain outcomes. The point of departure is an extension of the axiom system of the von
Neumann-Morgenstern Expected utility theory to the case when the preferences are stochastic. This
extended axiom system is combined with Luce Choice Axiom; "Independence from Irrelevant
Alternatives", and imply a particular choice model that contains the Luce model as a special case. An
additional invariance assumption is subsequently proposed that yields a complete characterization of
the mathematical structure of the model.
Keywords: Random tastes, choice among lotteries, random utility models, bounded rationality,
probabilistic choice models, independence from irrelevant alternatives. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Statistics Noreay | en_US |
dc.relation.ispartofseries | Discussion Papers;No. 221 | |
dc.subject | Stokastiske modeller | en_US |
dc.subject | Sannsynlighetsteori | en_US |
dc.subject | Matematisk statistikk | en_US |
dc.subject | JEL classification: C25 | en_US |
dc.subject | JEL classification: D11 | en_US |
dc.subject | JEL classification: D81 | en_US |
dc.title | Choice among lotteries when preferences are stochastic | en_US |
dc.type | Working paper | en_US |
dc.subject.nsi | VDP::Social science: 200::Economics: 210 | en_US |
dc.subject.nsi | VDP::Mathematics and natural science: 400::Mathematics: 410::Statistics: 412 | en_US |
dc.source.pagenumber | 24 s. | en_US |