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Discrete Choice and Stochastic Utility Maximization

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  • Ruud H Koning
  • Geert Ridder

Abstract

Discrete choice models are usually derived from the assumption of random utility maximization We consider the reverse problem whether choice probablities are consistent with maximization of random utilities This leads to tests that consider the variation in these choice probabilities with the average utilities of the alternatives By restricting the range of the average utilities we obtain a sequence of tests with fewer maintained hypotheses In an empirical application even the weakest test rejects the hypothesis of random utility maximization

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Bibliographic Info

Paper provided by The Johns Hopkins University,Department of Economics in its series Economics Working Paper Archive with number 413.

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Date of creation: 03 Mar 1999
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Handle: RePEc:jhu:papers:413

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Cited by:
  1. Bertoli, Simone & Fernández-Huertas Moraga, Jesús & Ortega, Francesc, 2010. "Crossing the Border: Self-Selection, Earnings and Individual Migration Decisions," IZA Discussion Papers 4957, Institute for the Study of Labor (IZA).
  2. Fosgerau, Mogens, 2006. "Investigating the distribution of the value of travel time savings," Transportation Research Part B: Methodological, Elsevier, vol. 40(8), pages 688-707, September.
  3. Andrew Chesher & Adam Rosen & Konrad Smolinski, 2011. "An instrumental variable model of multiple discrete choice," CeMMAP working papers CWP39/11, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  4. Mehdi Farsi, 2008. "Risk-Aversion and Willingness to Pay for Energy Efficient Systems in Rental Apartments," CEPE Working paper series 08-55, CEPE Center for Energy Policy and Economics, ETH Zurich.
  5. Fosgerau, Mogens & McFadden, Daniel & Bierlaire, Michel, 2010. "Choice probability generating functions," MPRA Paper 24214, University Library of Munich, Germany.
  6. Marc Henry & Ismael Mourifié, 2013. "Euclidean Revealed Preferences: Testing The Spatial Voting Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 28(4), pages 650-666, 06.
  7. Antonini, Gianluca & Bierlaire, Michel & Weber, Mats, 2006. "Discrete choice models of pedestrian walking behavior," Transportation Research Part B: Methodological, Elsevier, vol. 40(8), pages 667-687, September.
  8. Jens Hougaard & Tue Tjur & Lars Østerdal, 2012. "On the meaningfulness of testing preference axioms in stated preference discrete choice experiments," The European Journal of Health Economics, Springer, vol. 13(4), pages 409-417, August.
  9. Delle Site, Paolo & Salucci, Marco Valerio, 2013. "Transition choice probabilities and welfare analysis in random utility models with imperfect before–after correlation," Transportation Research Part B: Methodological, Elsevier, vol. 58(C), pages 215-242.
  10. Melo, Emerson, 2012. "A representative consumer theorem for discrete choice models in networked markets," Economics Letters, Elsevier, vol. 117(3), pages 862-865.
  11. Jens Leth Hougaard & Tue Tjur & Lars Peter Østerdal, 2006. "Testing Preference Axioms in Discrete Choice experiments: A Reappraisal," Discussion Papers 06-11, University of Copenhagen. Department of Economics.

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