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The random utility model with an infinite choice space

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  • Stephen A. Clark

    (Department of Statistics, University of Kentucky, Lexington, KY 40506, USA)

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    Abstract

    This 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 Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 7 (1995)
    Issue (Month): 1 ()
    Pages: 179-189

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    Handle: RePEc:spr:joecth:v:7:y:1995:i:1:p:179-189

    Note: Received: July 7, 1992; revised version January 17, 1994
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    Web page: http://link.springer.de/link/service/journals/00199/index.htm

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    Cited by:
    1. F. Gul & W. Pesendorfer, 2002. "Random Expected Utility," Princeton Economic Theory Working Papers 497768e9b9fc18361ac0810b3, David K. Levine.

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