SINGLE-CROSSING RANDOM UTILITY MODELS

• 成果类型: Article
• 署名作者: Apesteguia, Jose; Ballester, Miguel A.; Lu, Jay
• 署名单位: ICREA; Pompeu Fabra University; Barcelona School of Economics; University of Oxford; University of California System; University of California Los Angeles
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA14230
• 发表日期: 2017
• 页码: 661-674
• 关键词: Stochastic choice; INFORMATION; aversion

摘要

We propose a novel model of stochastic choice: the single-crossing random utility model (SCRUM). This is a random utility model in which the collection of preferences satisfies the single-crossing property. We offer a characterization of SCRUMs based on two easy-to-check properties: the classic Monotonicity property and a novel condition, Centrality. The identified collection of preferences and associated probabilities is unique. We show that SCRUMs nest both single-peaked and single-dipped random utility models and establish a stochastic monotone comparative result for the case of SCRUMs.