Probabilistic choice and procedurally bounded rationality

• 成果类型: Article
• 署名作者: Mattsson, LG; Weibull, JW
• 署名单位: Boston University; Royal Institute of Technology
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/S0899-8256(02)00014-3
• 发表日期: 2002
• 页码: 61-78
• 关键词: Bounded rationality; decision theory; probabilistic choice; control costs

摘要

We derive a family of probabilistic choice models, including the multinomial logit model, from a microecononic model in which the decision maker has to make some effort in order to implement any desired outcome. The disutility of this effort enters the decision maker's goal function in an additively separable way. A particular disutility function, yielding the multinomial logit as a special case, is characterized axiamatically. The present approach naturally leads to a normalization of the achieved utility with respect to the number of alternatives. The approach also applies to continuum choice sets in Euclidean spaces, and provides a microeconomic foundation for logit-type quantal-response models in game theory. (C) 2002 Elsevier Science (USA). All rights reserved.