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Indifference, indecisiveness, experimentation, and stochastic choice
Theoretical Economics ( IF 1.671 ) Pub Date : 2022-01-01 , DOI: 10.3982/te4216
Efe A. Ok 1 , Gerelt Tserenjigmid 2
Affiliation  

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 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.

中文翻译:

冷漠、优柔寡断、实验和随机选择

采取随机形式的个人选择行为背后的原因之一是她在某些替代方案之间潜在的冷漠或优柔寡断,和/或她愿意在偶尔偏离选择最佳替代方案以尝试其他选择的意义上进行实验。我们介绍了确定随机选择模型是否以及何时可以被认为是由于这三个原因中的任何一个而产生的方法。这些方法中的每一种都提供了一种在任何“合理化”的模型中进行确定性福利比较的自然方式。反过来,我们应用这些方法,并在几个众所周知的随机选择模型类别的情况下描述相关的福利排序。
更新日期:2022-01-01
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