Multinomial logit is the canonical model of discrete choice but widely criticized for requiring functional form … assumptions as foundation. The present paper shows that logit is behaviorally founded without such assumptions. Logit's functional … and translation invariance. Relaxing context independence yields contextual logit (Wilcox, 2011), relaxing presentation …

crises using a sample of advanced economies covering the past 45 years. We compare a benchmark logit approach to several … very high in-sample fit, they are outperformed by the logit approach in recursive out-of-sample evaluations. This result is … crises. Conventional logit models appear to use the available information already fairly efficiently, and would for instance …

I investigate how households and firms adjust their inflation expectations when experiencing an increase in their … households increase their inflation expectations when they personally experience an increase in their electricity prices. This … result is inconsistent with full-information rational expectations but can be rationalized by households extrapolating their …