Showing 1 - 10 of 45
We investigate a model of deterministic stochastic choice for the standard con- sumer problem. We introduce the framework of statistical consumer theory where the individual maximizes their utility with respect to a distribution of bundles that is constrained by a statistic (e.g. mean...
Persistent link: https://www.econbiz.de/10012696347
This paper provides nonparametric identification results for random coefficient distributions in perturbed utility models. We cover discrete and continuous choice models. We establish identification using variation in mean quantities, and the results apply when an analyst observes aggregate...
Persistent link: https://www.econbiz.de/10012840548
This paper provides nonparametric identification results for a class of latent utility models with additively separable unobservable heterogeneity. These results apply to existing models of discrete choice, bundles, decisions under uncertainty, and matching. Under an independence assumption,...
Persistent link: https://www.econbiz.de/10012900608
Many theoretical models of stochastic choice are characterized by availability variation. Instead, most stochastic choice datasets have information on attribute values that vary across decision problems. This paper uses attribute variation to characterize a framework that encompasses existing...
Persistent link: https://www.econbiz.de/10012903045
This paper studies aggregate complementarity without price or income variation. We show that for a class of utility functions, variation in non-price observables allows one to recover a measure of complementarity similar to Hicksian complementarity. In addition, the entire Slutsky matrix can be...
Persistent link: https://www.econbiz.de/10012903192
We present a tractable generalization of quantal response equilibrium via non-expected utility preferences. In particular, we introduce concave perturbed utility games in which an individual has strategy-specific utility indices that depend on the outcome of the game and an additively separable...
Persistent link: https://www.econbiz.de/10012825897
Individual choices are often inconsistent with economic theories, which has motivated a variety of ways to measure how far choices are from a given theory. Recent work has investigated the correlation between measures of rationality and observable information such as education or income. This...
Persistent link: https://www.econbiz.de/10012869086
This paper studies partial identi cation of latent complementarity in an optimizing model with two goods and binary quantities of each good (buy / don't buy). We provide simple bounds on the fraction of individuals for whom goods are complements/substitutes. Despite using only involve marginal...
Persistent link: https://www.econbiz.de/10012851254
This paper takes seriously that the quasilinear utility model is an approximation. We interpret approximation error as arising because individuals are satisficers. We investigate the consequences of individual satisficng for modelling aggregate demand, providing an approximate aggregation...
Persistent link: https://www.econbiz.de/10012852280
Dworczak et al. (2021) study when certain market structures are optimal in the presence of heterogeneous preferences. A key assumption is that the social planner knows the joint distribution of the value of the good and marginal value of money. This paper studies whether relevant features of...
Persistent link: https://www.econbiz.de/10013313567