English, Article, Journal or magazine article edition: Choice among Lotteries when Preferences are Stochastic John K. Dagsvik

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Bookmark: http://trove.nla.gov.au/version/41584
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Choice among Lotteries when Preferences are Stochastic
Author
  • John K. Dagsvik
Physical Description
  • preprint
Notes
  • This paper discusses the problem of specifying probabilistic models for choices (strategies) with uncertain outcomes. The point of departure is an extension of the axiom system of the von Neumann-Morgenstern Expected utility theory to the case when the preferences are stochastic. This extended axiom system is combined with Luce Choice Axiom; "Independence from Irrelevant Alternatives", and imply a particular choice model that contains the Luce model as a special case. An additional invariance assumption is subsequently proposed that yields a complete characterization of the mathematical structure of the model.
  • Random tastes; choice among lotteries; random utility models; bounded rationality; probabilistic choice models; independence from irrelevant alternatives.
  • RePEc:ssb:dispap:221
Language
  • English
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