Random utility without regularity (Q6917849)

The authors study the concept of regularity of random utility models. The problem of the decision maker is to choose a finite subset \(X\) of random elements \(x\) from a given finite master choice set. If \(x \in X\), then \(x\) has a probability \(P_X(x),~ 0\leq P_X(x) \leq 1\). It is assumed that \(\Sigma_{x \in X} P_X(x) = 1 \). The choice is regular if for any choice of sets \(X,Y\) holds: \N\[\NX\subset Y\Longrightarrow P_X(x) \leq P_Y (y)(\forall x \in X) \N\]\NThe authors derive conditions under which the regularity is violated and study the relation between regularity and random utility models for the best choice. Mathematically formalized parts are completed by verbal summaries.