Revealed stochastic preference: a one-paragraph proof and generalization

DOI10.1016/J.ECONLET.2018.12.023MaRDI QIDQ1738419zbMATH OpenOpenAlexWikidataFDO

Authors Jörg Stoye

Publication date 18 April 2019

Published in Economics Letters (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1810.10604

zbMATH Keywords

random utilityrevealed stochastic preference

Mathematics Subject Classification ID

Individual preferences (91B08) Utility theory (91B16)

Abstract: McFadden and Richter (1991) and later McFadden (2005) show that the Axiom of Revealed Stochastic Preference characterizes rationalizability of choice probabilities through random utility models on finite universal choice spaces. This note proves the result in one short, elementary paragraph and extends it to set valued choice. The latter requires a different axiom than is reported in McFadden (2005).

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Cites work

• scientific article; zbMATH DE number 3683298 (Why is no real title available?)
• A representation theorem for finite random scale systems
• Induced binary probabilities and the linear ordering polytope: A status report
• Lectures on Polytopes
• Nonparametric Analysis of Random Utility Models
• Random Expected Utility
• Revealed stochastic preference: a synthesis
• The Construction of Utility Functions from Expenditure Data

Cited in

(6)

• A canon of probabilistic rationality
• scientific article; zbMATH DE number 2187394 (Why is no real title available?)
• An indistinguishability result on rationalizability under general preferences
• Stochastic revealed preference and rationalizability
• A general revealed preference theorem for stochastic demand behavior
• Revealed preference domains from random choice

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