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A Random Attention and Utility Model

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Abstract

We generalize the stochastic revealed preference methodology of McFadden and Richter (1990) for finite choice sets to settings with limited consideration. Our approach is nonparametric and requires partial choice set variation. We impose a monotonicity condition on attention first proposed by Cattaneo et al. (2020) and a stability condition on the marginal distribution of preferences. Our framework is amenable to statistical testing. These new restrictions extend widely known parametric models of consideration with heterogeneous preferences.

Suggested Citation

  • Nail Kashaev & Victor H. Aguiar, 2022. "A Random Attention and Utility Model," University of Western Ontario, Departmental Research Report Series 20223, University of Western Ontario, Department of Economics.
    • Handle: RePEc:uwo:uwowop:20223
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    File URL: https://ir.lib.uwo.ca/cgi/viewcontent.cgi?article=1845&context=economicsresrpt
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    Cited by:

    1. Azrieli, Yaron & Rehbeck, John N., 0. "Marginal stochastic choice," Theoretical Economics, Econometric Society.
    2. Nail Kashaev & Natalia Lazzati & Ruli Xiao, 2023. "Peer Effects in Consideration and Preferences," Papers 2310.12272, arXiv.org, revised Jan 2024.
    3. Victor H. Aguiar & Maria Jose Boccardi & Nail Kashaev & Jeongbin Kim, 2023. "Random utility and limited consideration," Quantitative Economics, Econometric Society, vol. 14(1), pages 71-116, January.
    4. Kovach, Matthew & Suleymanov, Elchin, 2023. "Reference dependence and random attention," Journal of Economic Behavior & Organization, Elsevier, vol. 215(C), pages 421-441.
    5. Masatlioglu, Yusufcan & Vu, Tri Phu, 2024. "Growing attention," Journal of Economic Theory, Elsevier, vol. 222(C).
    6. Roy Allen, 2024. "Exogenous Consideration and Extended Random Utility," Papers 2405.13945, arXiv.org.

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    Keywords

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    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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