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The Luce Model, Regularity, and Choice Overload

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  • Daniele Caliari
  • Henrik Petri

Abstract

We characterize regularity (Block & Marschak, 1960) within a novel stochastic model: the General Threshold Luce model [GTLM]. We apply our results to study choice overload, identified by regularity violations that impose a welfare cost on the decision-maker. Generalizing our characterization results, we identify necessary and sufficient conditions for choice overload within GTLMs and, in doing so, disentangle two well-known causes: low discriminatory power (Frick, 2016) and limited attention (Lleras et al., 2017).

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  • Daniele Caliari & Henrik Petri, 2025. "The Luce Model, Regularity, and Choice Overload," Papers 2502.21063, arXiv.org.
    • Handle: RePEc:arx:papers:2502.21063
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    File URL: http://arxiv.org/pdf/2502.21063
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