Invariance of conditional maximum utility

• 成果类型: Article
• 署名作者: de Palma, Andre; Kilani, Karim
• 署名单位: heSam Universite; Conservatoire National Arts & Metiers (CNAM); CY Cergy Paris Universite; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2005.05.010
• 发表日期: 2007
• 页码: 137-146
• 关键词: Discrete choice models; type I extreme-value distribution; Multinomial logit model; conditional and unconditional distribution; maximum utility

摘要

The consumer benefit in a discrete choice model is often measured by maximum utility. We characterize the conditional (on the chosen alternative) and the unconditional distribution of maximum utility. We show that among a wide class of distributions (independent with convex supports) of error terms, the Type I extreme-value distribution is the unique distribution which ensures that all the conditional distributions of maximum utility coincide. Moreover, we show that for i.i.d. (with convex support) error terms, the invariance of conditional expected maximum utility characterizes the multinomial logit model. (c) 2005 Elsevier Inc. All rights reserved.