Random quasi-linear utility

• 成果类型: Article
• 署名作者: Yang, Erya; Kopylov, Igor
• 署名单位: Sun Yat Sen University; University of California System; University of California Irvine
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2023.105650
• 发表日期: 2023
• 关键词: Random utility; Quasi-linear utility; Tie-breaking; Finite datasets; ARSP; Block-Marschak polynomials

摘要

We propose a random quasi-linear utility model (RQUM) where quasi-linear utility functions are drawn randomly via some probability distribution pi, and utility ties are broken by a convenient lexicographic rule. We characterize RQUM and identify pi uniquely in terms of stochastic choice data. McFadden's (1973) additive random utility model is obtained as a special case where utility ties have a zero probability in all menus. Another distinct case of RQUM captures finite populations and derives pi with a finite support. Our main axioms are testable. They prohibit context and reference dependence, and also modify the non -negativity of Block-Marschack polynomials for monetary cost variations. We also characterize RQUM through a stronger version of McFadden and Richter's (1990) axiom of revealed stochastic preferences (ARSP). This approach extends to incomplete datasets. (c) 2023 Elsevier Inc. All rights reserved.