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STOCHASTIC CHOICE AND CONSIDERATION SETS

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DOI

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STOCHASTIC CHOICE AND CONSIDERATION SETS. / Manzini, Paola; Mariotti, Marco.

In: Econometrica, Vol. 82, No. 3, 05.2014, p. 1153-1176.

Research output: Contribution to journalArticle

Harvard

Manzini, P & Mariotti, M 2014, 'STOCHASTIC CHOICE AND CONSIDERATION SETS' Econometrica, vol. 82, no. 3, pp. 1153-1176. https://doi.org/10.3982/ECTA10575

APA

Manzini, P., & Mariotti, M. (2014). STOCHASTIC CHOICE AND CONSIDERATION SETS. Econometrica, 82(3), 1153-1176. https://doi.org/10.3982/ECTA10575

Vancouver

Manzini P, Mariotti M. STOCHASTIC CHOICE AND CONSIDERATION SETS. Econometrica. 2014 May;82(3):1153-1176. https://doi.org/10.3982/ECTA10575

Author

Manzini, Paola ; Mariotti, Marco. / STOCHASTIC CHOICE AND CONSIDERATION SETS. In: Econometrica. 2014 ; Vol. 82, No. 3. pp. 1153-1176.

Bibtex - Download

@article{a1e002938b584a15859a392ab2bb4853,
title = "STOCHASTIC CHOICE AND CONSIDERATION SETS",
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 maximizes 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.",
keywords = "Discrete choice, random utility, logit model, Luce model, consideration sets, bounded rationality, revealed preferences, PROBABILISTIC CHOICE, PREFERENCE, RATIONALITY, ELIMINATION, ATTENTION, MODEL",
author = "Paola Manzini and Marco Mariotti",
year = "2014",
month = "5",
doi = "10.3982/ECTA10575",
language = "English",
volume = "82",
pages = "1153--1176",
journal = "Econometrica",
issn = "0012-9682",
publisher = "Wiley-Blackwell",
number = "3",

}

RIS (suitable for import to EndNote) - Download

TY - JOUR

T1 - STOCHASTIC CHOICE AND CONSIDERATION SETS

AU - Manzini, Paola

AU - Mariotti, Marco

PY - 2014/5

Y1 - 2014/5

N2 - 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 maximizes 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.

AB - 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 maximizes 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.

KW - Discrete choice

KW - random utility

KW - logit model

KW - Luce model

KW - consideration sets

KW - bounded rationality

KW - revealed preferences

KW - PROBABILISTIC CHOICE

KW - PREFERENCE

KW - RATIONALITY

KW - ELIMINATION

KW - ATTENTION

KW - MODEL

U2 - 10.3982/ECTA10575

DO - 10.3982/ECTA10575

M3 - Article

VL - 82

SP - 1153

EP - 1176

JO - Econometrica

T2 - Econometrica

JF - Econometrica

SN - 0012-9682

IS - 3

ER -

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ID: 212285790