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How to Extend a Model of Probabilistic Choice from Binary Choices to Choices among More Than Two Alternatives

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Author Info
Pavlo R. Blavatskyy
Abstract

This note presents an algorithm that extends a binary choice model to choice among multiple alternatives. Both neoclassical microeconomic theory and Luce choice model are consistent with the proposed algorithm. The algorithm is compatible with several empirical findings (asymmetric dominance and attraction effects) that cannot be explained within standard models.

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File URL: http://www.iew.unizh.ch/wp/iewwp426.pdf
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Publisher Info
Paper provided by Institute for Empirical Research in Economics - IEW in its series IEW - Working Papers with number iewwp426.

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Date of creation: Sep 2009
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Handle: RePEc:zur:iewwpx:426

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Related research
Keywords: Probabilistic choice; binary choice; multiple alternatives;

Find related papers by JEL classification:
C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Statistical Decision Theory; Operations Research
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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This page was last updated on 2009-12-3.

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