Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296367 
Year of Publication: 
2022
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 17 [Issue:] 2 [Year:] 2022 [Pages:] 651-686
Publisher: 
The Econometric Society, New Haven, CT
Abstract: 
Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a try to other options. We introduce methods of identifying if, and when, a stochastic choice model may be thought of as arising due to any one of these three reasons. Each of these methods furnishes a natural way of making deterministic welfare comparisons within any model that is rationalized as such. In turn, we apply these methods, and characterize the associated welfare orderings, in the case of several well-known classes of stochastic choice models.
Subjects: 
Stochastic choice
indifference
incomplete preferences
experimentation
the general Luce model
random utility
additive perturbed utility
individual welfare
JEL: 
D01
D11
D81
D91
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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