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Revealed Stochastic Preference: A one-paragraph proof and generalization

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  • Stoye, Jörg

Abstract

McFadden and Richter (1991) and later McFadden (2005) show that the Axiom of Revealed Stochastic Preference characterizes rationalizability of choice probabilities through random utility models on finite universal choice spaces. This note proves the result in one short, elementary paragraph and extends it to set valued choice. The latter requires a different axiom than is reported in McFadden (2005).

Suggested Citation

  • Stoye, Jörg, 2019. "Revealed Stochastic Preference: A one-paragraph proof and generalization," Economics Letters, Elsevier, vol. 177(C), pages 66-68.
  • Handle: RePEc:eee:ecolet:v:177:y:2019:i:c:p:66-68
    DOI: 10.1016/j.econlet.2018.12.023
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    References listed on IDEAS

    as
    1. Yuichi Kitamura & Jörg Stoye, 2018. "Nonparametric Analysis of Random Utility Models," Econometrica, Econometric Society, vol. 86(6), pages 1883-1909, November.
    2. Rahul Deb & Yuichi Kitamura & John K. -H. Quah & Jorg Stoye, 2018. "Revealed Price Preference: Theory and Empirical Analysis," Papers 1801.02702, arXiv.org, revised Sep 2018.
    3. Daniel McFadden, 2005. "Revealed stochastic preference: a synthesis," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(2), pages 245-264, August.
    4. Faruk Gul & Wolfgang Pesendorfer, 2006. "Random Expected Utility," Econometrica, Econometric Society, vol. 74(1), pages 121-146, January.
    5. Fishburn, Peter C., 1992. "Induced binary probabilities and the linear ordering polytope: a status report," Mathematical Social Sciences, Elsevier, vol. 23(1), pages 67-80, February.
    6. repec:spr:etbull:v:3:y:2015:i:2:d:10.1007_s40505-014-0061-5 is not listed on IDEAS
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    More about this item

    Keywords

    Revealed Stochastic Preference; Random Utility;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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