Random utility models with ordered types and domains

• 成果类型: Article
• 署名作者: Apesteguia, Jose; Ballester, Miguel A.
• 署名单位: ICREA; Pompeu Fabra University; University of Oxford
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2023.105674
• 发表日期: 2023
• 关键词: Random utility model; Ordered utilities; Arbitrary domains

摘要

Random utility models in which heterogeneity of preferences is modeled by means of an ordered collec-tion of utilities, or types, provide a powerful framework for understanding a variety of economic behaviors. This paper studies the micro-foundations of ordered random utility models with the objective of meeting empirical requirements. This is done by working with arbitrary collections of ordered menus of alterna-tives, and by making no parametric assumptions about the type distribution. The model is characterized by a simple monotonicity axiom. Goodness-of-fit measures are proposed, with proof provided of the strong consistency of extremum estimators defined upon them. A statistical test for the model is also provided.& COPY; 2023 The Author(s). Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons .org /licenses /by /4 .0/).