Dual random utility maximisation

• 成果类型: Article
• 署名作者: Manzini, Paola; Mariotti, Marco
• 署名单位: University of Sussex; IZA Institute Labor Economics; University of London; Queen Mary University London; University of Sussex; University of London; Queen Mary University London
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2018.05.015
• 发表日期: 2018
• 页码: 162-182
• 关键词: Stochastic choice; Attraction effect; Similarity effect

摘要

Many prominent regularities of stochastic choice, such as the attraction, similarity and compromise effects, are incompatible with Random Utility Maximisation (RUM) as they violate Monotonicity. We argue that these regularities can be conveniently represented by a variation of RUM in which utility depends on only two states and state probabilities are allowed to depend on the menu. We call this model Dual Random Utility Maximisation (dRUM). dRUM is a parsimonious model that admits violations of Monotonicity. We characterise dRUM in terms of three transparent expansion/contraction conditions. We also characterise the important special case in which state probabilities are constant across menus. (C) 2018 Elsevier Inc. All rights reserved.