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Economic Choices

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Author Info
McFadden, Daniel L. (University of California, Berkeley)

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Abstract

This Nobel lecture discusses the microeconometric analysis of choice behavior of consumers who face discrete economic alternatives.Before the 1960's, economists used economic theory mostly as a logical tool, to explore conceptually the properties of alternative market organizations and economic policies. When the theory was applied empirically, it was to market-level or national-accounts-level data. In these applications, the theory was usually developed in terms of a representative agent, with market-level behavior given by the representative agent's behavior writ large. When observations deviated from those implied by the representative agent theory, these difference were swept into an additive disturbance and attributed to data measurement errors, rather than to unobserved factors within or across individual agents. In statistical language, traditional consumer theory placed structural restrictions on mean behavior, but the distribution of responses about their mean was not tied to the theory.

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File URL: http://nobelprize.org/nobel_prizes/economics/laureates/2000/mcfadden-lecture.pdf
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Publisher Info
Paper provided by Nobel Prize Committee in its series Nobel Prize in Economics documents with number 2000-6.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 36 pages
Date of creation: 08 Dec 2000
Date of revision:
Handle: RePEc:ris:nobelp:2000_006

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Web page: http://www.nobelprize.org/

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Related research
Keywords: Microeconometrics;

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Find related papers by JEL classification:
C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Imbens, Guido W. & Lancaster, Tony, 1996. "Efficient estimation and stratified sampling," Journal of Econometrics, Elsevier, vol. 74(2), pages 289-318, October. [Downloadable!] (restricted)
    Other versions:
  2. Bolduc, Denis, 1992. "Generalized autoregressive errors in the multinomial probit model," Transportation Research Part B: Methodological, Elsevier, vol. 26(2), pages 155-170, April. [Downloadable!] (restricted)
  3. Manski, Charles F & Lerman, Steven R, 1977. "The Estimation of Choice Probabilities from Choice Based Samples," Econometrica, Econometric Society, vol. 45(8), pages 1977-88, November. [Downloadable!] (restricted)
  4. Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-94, July. [Downloadable!] (restricted)
  5. Laffont, Jean-Jacques & Vuong, Quang, 1996. "Structural Analysis of Auction Data," American Economic Review, American Economic Association, vol. 86(2), pages 414-20, May. [Downloadable!] (restricted)
  6. D. McFadden & J. Hausman, 1981. "Specification Tests for the Multinominal Logit Model," Working papers 292, Massachusetts Institute of Technology (MIT), Department of Economics.
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  7. Fuss, Melvyn & McFadden, Daniel & Mundlak, Yair, 1978. "A Survey of Functional Forms in the Economic Analysis of Production," Histoy of Economic Thought Chapters, in: Fuss, Melvyn & McFadden, Daniel (ed.), Production Economics: A Dual Approach to Theory and Applications, volume 1, chapter 4 McMaster University Archive for the History of Economic Thought. [Downloadable!]
  8. Green, Donald & Jacowitz, Karen E. & Kahneman, Daniel & McFadden, Daniel, 1998. "Referendum contingent valuation, anchoring, and willingness to pay for public goods," Resource and Energy Economics, Elsevier, vol. 20(2), pages 85-116, June. [Downloadable!] (restricted)
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  9. Dagsvik, John K, 1994. "Discrete and Continuous Choice, Max-Stable Processes, and Independence from Irrelevant Attributes," Econometrica, Econometric Society, vol. 62(5), pages 1179-1205, September. [Downloadable!] (restricted)
  10. Donald J. Brown & Rosa L. Matzkin, 1998. "Estimation of Nonparametric Functions in Simultaneous Equations Models, with an Application to Consumer Demand," Cowles Foundation Discussion Papers 1175, Cowles Foundation, Yale University. [Downloadable!]
  11. Hajivassiliou, Vassilis & McFadden, Daniel & Ruud, Paul, 1996. "Simulation of multivariate normal rectangle probabilities and their derivatives theoretical and computational results," Journal of Econometrics, Elsevier, vol. 72(1-2), pages 85-134. [Downloadable!] (restricted)
    Other versions:
  12. Dubin, Jeffrey A & McFadden, Daniel L, 1984. "An Econometric Analysis of Residential Electric Appliance Holdings and Consumption," Econometrica, Econometric Society, vol. 52(2), pages 345-62, March. [Downloadable!] (restricted)
  13. Imbens, Guido W, 1992. "An Efficient Method of Moments Estimator for Discrete Choice Models with Choice-Based Sampling," Econometrica, Econometric Society, vol. 60(5), pages 1187-214, September. [Downloadable!] (restricted)
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  14. Brownstone, David & Train, Kenneth, 1998. "Forecasting new product penetration with flexible substitution patterns," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 109-129, November. [Downloadable!] (restricted)
  15. Vassilis A. Hajivassiliou & Daniel L. McFadden, 1998. "The Method of Simulated Scores for the Estimation of LDV Models," Econometrica, Econometric Society, vol. 66(4), pages 863-896, July.
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  16. Lee, Lung-Fei & Porter, Robert H, 1984. "Switching Regression Models with Imperfect Sample Separation Information-With an Application on Cartel Stability," Econometrica, Econometric Society, vol. 52(2), pages 391-418, March. [Downloadable!] (restricted)
  17. Chunrong Ai & Xiaohong Chen, 2003. "Efficient Estimation of Models with Conditional Moment Restrictions Containing Unknown Functions," Econometrica, Econometric Society, vol. 71(6), pages 1795-1843, November. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. André De Palma & Nathalie Picard, 2005. "Congestion on risky routes with risk adverse drivers," ERSA conference papers ersa05p423, European Regional Science Association. [Downloadable!]
  2. André De Palma & Nathalie Picard & Jean-Luc Prigent, 2009. "Prise en compte de l'attitude face au risque dans le cadre de la directive MiFID," Working Papers hal-00418892_v1, HAL. [Downloadable!]
  3. JIMENEZ Edward, 2002. "Unified Game Theory," Computing in Economics and Finance 2002 25, Society for Computational Economics. [Downloadable!]
  4. Pablo M Garcia, 2005. "Una Aproximación Microeconométrica a los Determinantes de la Elección del Modo de Transporte. (A Microeconometric Approach to the Determinants of Travel Mode Choice)," Urban/Regional 0504005, EconWPA. [Downloadable!]
  5. Alberto Maydeu, 2008. "Modeling Preference Data," Working Papers Economia wp08-30, Instituto de Empresa, Area of Economic Environment. [Downloadable!]
  6. John K. Dagsvik and Gang Liu, 2006. "A Framework for Analyzing Rank Ordered Panel Data with Application to Automobile Demand," Discussion Papers 480, Research Department of Statistics Norway. [Downloadable!]
  7. Reynald-Alexandre Laurent, 2006. "Differentiated duopoly with "Elimination by Aspects"," PSE Working Papers 2006-17, PSE (Ecole normale supérieure). [Downloadable!]
  8. zhao, liang & zhu, xian chen, 2007. "A Discussion on Empirical Micro-Bases of Hayek’s Methodological Individualism," MPRA Paper 3862, University Library of Munich, Germany. [Downloadable!]
  9. Aadland, David & Caplan, Arthur, 2005. "A Bayesian Examination of Anchoring Bias and Cheap Talks in Constructed Markets," 2005 Annual meeting, July 24-27, Providence, RI 19568, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  10. André de Palma & Nathalie Picard, 2004. "Route Choice behavior with risk averse users," THEMA Working Papers 2004-09, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
  11. Arovuori, Kyosti & Kola, Jukka, 2006. "Multifunctional Policy Measures: Farmers' Choice," 2006 Annual meeting, July 23-26, Long Beach, CA 21400, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  12. Hu, Wuyang & Adamowicz, Wiktor & Veeman, Michele, 2005. "Bayesian Analysis of Consumer Choices with Taste, Context, Reference Point and Individual Scale Effects," 2005 Annual meeting, July 24-27, Providence, RI 19296, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  13. Axel Börsch-Supan & Moshe Ben-Akiva & Kenneth Train & Daniel McFadden, 2002. "Hybrid Choice Models: Progress and Challenges," MEA discussion paper series 02009, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
    Other versions:
  14. Simon P. Anderson & André de Palma, 2003. "Market Performance With Multiproduct Firms," Virginia Economics Online Papers 357, University of Virginia, Department of Economics. [Downloadable!]
  15. Hu, Wuyang & Adamowicz, Wiktor L. & Veeman, Michele M., 2004. "Decomposing Unobserved Choice Variability In The Presence Of Consumers' Taste Heterogeneity," 2004 Annual meeting, August 1-4, Denver, CO 19954, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  16. Reynald-Alexandre Laurent, 2007. "Probalilistic duopoly with differentiation by attributes," PSE Working Papers 2007-27, PSE (Ecole normale supérieure). [Downloadable!]
  17. Harmsen-van Hout, Marjolein J.W. & Dellaert, Benedict G.C. & Herings, P. Jean-Jacques, 2008. "Behavorial Effects in Individual Decisions of Network Formation," Research Memoranda 019, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  18. Rolfe, John & Bennett, Jeff, 2002. "Assessing Rainforest Conservation Demands," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 32(2), pages 51-67, June Spec. [Downloadable!]
  19. Céline Christensen & Peter van Els & Maarten van Rooij, 2006. "Dutch households' perceptions of economic growth and inflation," DNB Working Papers 093, Netherlands Central Bank, Research Department. [Downloadable!]
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  20. A. de Palma & K. Kilani, 2003. "Compensating Variation for Discrete Choice Models," THEMA Working Papers 2003-02, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
  21. Karolin Becker & Peter Zweifel, 2005. "Cost Sharing in Health Insurance: An Instrument for Risk Selection?," Working Papers 0513, University of Zurich, Socioeconomic Institute. [Downloadable!]
  22. John K. Dagsvik, Steinar Strøm and Zhiyang Jia, 2005. "Utility of Income as a Random Function. Behavioral Characterization and Empirical Evidence," Discussion Papers 431, Research Department of Statistics Norway. [Downloadable!]
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  23. Carolyn J. Heinrich & Jeffrey B. Wenger, 2002. "The Economic Contributions of James J. Heckman and Daniel L. McFadden," Review of Political Economy, Taylor and Francis Journals, vol. 14(1), pages 69-89, January. [Downloadable!] (restricted)
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