The random utility model with an infinite choice space

This essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The analysis is based upon DeFinetti' Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central result is the equivalence of the random utility maximization hypothesis and the coherency of the choice probabilities over all allowable constraint sets.

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Year of publication:	1997-11-09
Authors:	Clark, Stephen A.
Published in:	Economic Theory. - Springer. - Vol. 7.1995, 1, p. 179-189
Publisher:	Springer

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Type of publication:	Article
Notes:	Received: July 7, 1992; revised version January 17, 1994
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005753140