How to Extend a Model of Probabilistic Choice from Binary Choices to Choices among More Than Two Alternatives

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Auteur(s)

Blavatskyy, Pavlo R

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Description

This note presents an algorithm that extends a binary choice model to choice among multiple alternatives. Both neoclassical microeconomic theory and Luce choice model are consistent with the proposed algorithm. The algorithm is compatible withnseveral empirical findings (asymmetric dominance and attraction effects) that cannot be explained within standard models.

Sujets

Sciences economiques > Sciences économiques

Institution partenaire

Université de Zürich - Faculté des sciences économiques

Langue

English

Date

2009