The random utility model with an infinite choice space
This essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The analysis is based upon DeFinetti' Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central result is the equivalence of the random utility maximization hypothesis and the coherency of the choice probabilities over all allowable constraint sets.
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Volume (Year): 7 (1995)
Issue (Month): 1 ()
|Note:||Received: July 7, 1992; revised version January 17, 1994|
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