This paper builds on data from a recent survey on the financial and organizational policy of real estate agents in Cyprus. For the data analysis we used the appropriate methods of classical statistics and multidimensional analysis, as Test X2, Correspondence Analysis, Comparative Evaluation and...

We develop a micro-founded framework for accounting for individuals' effort and cognitive noise which confound estimates of preferences based on observed behavior. Using a largescale experimental dataset we estimate that failure to properly account for decision errors due to (rational)...

This chapter provides an introduction to choice models based on the principle of direct utility maximization. Models of direct utility are characterized by specifications of the utility function and accompanying budget constraint that allows separation of what is gained (i.e., utility) from that...

This paper studies dynamic discrete choices by relaxing the assumption of rational expectations. That is, agents' subjective expectations about the state transition are unknown and allowed to differ from their objectively estimable counterparts. We show that agents' subjective expectations and...

This paper establishes conditions for nonparametric identification of dynamic optimization models in which agents make both discrete and continuous choices. We consider identification of both the payoff function and the distribution of unobservables. Models of this kind are prevalent in applied...