How to Extend a Model of Probabilistic Choice from Binary Choices to Choices among More Than Two Alternatives
This note presents an algorithm that extends a binary choice model to choice among multiple alternatives. Both neoclassical microeconomic theory and Luce choice model are consistent with the proposed algorithm. The algorithm is compatible with several empirical findings (asymmetric dominance and attraction effects) that cannot be explained within standard models.
|Date of creation:||Sep 2009|
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