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Stochastic choice and consideration sets

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journal contribution
posted on 2023-06-09, 08:41 authored by Paola Manzini, Marco Mariotti
We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximizes a preference relation within the set of considered alternatives. We show that this random choice rule is the only one for which the impact of removing an alternative on the choice probability of any other alternative is asymmetric and menu independent. Both the preference relation and the attention parameters are identified uniquely by stochastic choice data.

History

Publication status

  • Published

File Version

  • Published version

Journal

Econometrica

ISSN

0012-9682

Publisher

Econometric Society

Issue

3

Volume

82

Page range

1153-1176

Department affiliated with

  • Economics Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2017-11-07

First Open Access (FOA) Date

2017-11-07

First Compliant Deposit (FCD) Date

2017-11-07

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