The random utility model with an infinite choice space
AbstractThis essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The analysis is based upon DeFinetti' Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central result is the equivalence of the random utility maximization hypothesis and the coherency of the choice probabilities over all allowable constraint sets.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 7 (1995)
Issue (Month): 1 ()
Note: Received: July 7, 1992; revised version January 17, 1994
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- F. Gul & W. Pesendorfer, 2002.
"Random Expected Utility,"
Princeton Economic Theory Working Papers
497768e9b9fc18361ac0810b3, David K. Levine.
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