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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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  • Pavlo R. Blavatskyy
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    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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    Bibliographic Info

    Paper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 426.

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

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    Keywords: Probabilistic choice; binary choice; multiple alternatives;

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