Deliberately Stochastic

• 成果类型: Article
• 署名作者: Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, Pietro; Riella, Gil
• 署名单位: Bocconi University; Bocconi University; University of Pennsylvania; Princeton University; Princeton University; Getulio Vargas Foundation
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20180688
• 发表日期: 2019
• 页码: 2425-2445
• 关键词: expected utility; rational inattention; revealed preference; decision-making; CHOICE; models; logit

摘要

We study stochastic choice as the outcome of deliberate randomization. We derive a general representation of a stochastic choice function where stochasticity allows the agent to achieve from any set the maximal element according to her underlying preferences over lotteries. We show that in this model stochasticity in choice captures complementarily between elements in the set, and thus necessarily implies violations of Regularity/Monotonicity, one of the most common properties of stochastic choice. This feature separates our approach from other models, e.g., Random Utility.