On the Structure of Behavioral Multistate Duration Models
AbstractThis paper proposes a particular behavioral assumption to characterize the stochastic structure of intertemporal discrete choice models in the absence of state dependence. This assumption extends Luce's axiom; "Independence from Irrelevant Alternatives", to the intertemporal context. Under certain regularity conditions the implication of this assumption is that the individual choice process is a Markov chain with transition probabilities that have a particularly simple structure.
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Bibliographic InfoPaper provided by Oslo University, Department of Economics in its series Memorandum with number 11/1998.
Length: 40 pages
Date of creation: 1998
Date of revision:
Contact details of provider:
Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Web page: http://www.oekonomi.uio.no/indexe.html
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