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  • Tri Phu Vu

Abstract

This paper studies choice situations in which a decision maker can choose multiple alternatives. Given a menu of available options, the decision maker selects a subset of the menu with certain probabilities. We employ an axiomatic approach to characterize various parametric models in the literature. Our results elucidate the implications of the functional form assumptions and shed light on the distinctions between models. The behavioral postulates offer simple tools for testing and falsifying the choice procedures used by the decision maker and reveal a close connection between models that are seemingly unrelated.

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  • Tri Phu Vu, 2025. "Random Collection," Papers 2511.18476, arXiv.org.
    • Handle: RePEc:arx:papers:2511.18476
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    File URL: http://arxiv.org/pdf/2511.18476
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    References listed on IDEAS

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    1. Stoye, Jörg, 2015. "Choice theory when agents can randomize," Journal of Economic Theory, Elsevier, vol. 155(C), pages 131-151.
    2. Will Ma, 2023. "When Is Assortment Optimization Optimal?," Management Science, INFORMS, vol. 69(4), pages 2088-2105, April.
    3. Kovach, Matthew & Suleymanov, Elchin, 2023. "Reference dependence and random attention," Journal of Economic Behavior & Organization, Elsevier, vol. 215(C), pages 421-441.
    4. Matthew Kovach & Gerelt Tserenjigmid, 2022. "Behavioral Foundations of Nested Stochastic Choice and Nested Logit," Journal of Political Economy, University of Chicago Press, vol. 130(9), pages 2411-2461.
    5. Manzini, Paola & Mariotti, Marco & Ülkü, Levent, 2024. "A model of approval with an application to list design," Journal of Economic Theory, Elsevier, vol. 217(C).
    6. Ariel Rubinstein, 2012. "Lecture Notes in Microeconomic Theory: The Economic Agent Second Edition," Economics Books, Princeton University Press, edition 2, number 9742.
    7. Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
    8. Lin, Chien-Huang & Huang, Wen-Hsien & Zeelenberg, Marcel, 2006. "Multiple reference points in investor regret," Journal of Economic Psychology, Elsevier, vol. 27(6), pages 781-792, December.
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