Discrete Choice and Stochastic Utility Maximization
AbstractDiscrete 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 InfoPaper provided by The Johns Hopkins University,Department of Economics in its series Economics Working Paper Archive with number 413.
Date of creation: 03 Mar 1999
Date of revision:
Other versions of this item:
- Ruud H. Koning & Geert Ridder, 2003. "Discrete choice and stochastic utility maximization," Econometrics Journal, Royal Economic Society, vol. 6(1), pages 1-27, 06.
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