SEPARATING PREDICTED RANDOMNESS FROM RESIDUAL BEHAVIOR

• 成果类型: Article
• 署名作者: Apesteguia, Jose; Ballester, Miguel A.
• 署名单位: ICREA; Pompeu Fabra University; Barcelona School of Economics; University of Oxford
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvaa016
• 发表日期: 2021
• 页码: 1041-1076
• 关键词: Revealed preference; stochastic choice; rational inattention; mixture index; utility; fit; logit

摘要

We propose a novel measure of goodness of fit for stochastic choice models, that is, the maximal fraction of data that can be reconciled with the model. The procedure is to separate the data into two parts: one generated by the best specification of the model and another representing residual behavior. We claim that the three elements involved in a separation are instrumental in understanding the data. We show how to apply our approach to any stochastic choice model and then study the case of four well-known models, each capturing a different notion of randomness. We illustrate our results with an experimental data set.