Revealed Stochastic Preference: A One-Paragraph Proof and Generalization
classification
💰 econ.TH
keywords
choicemcfaddenaxiompreferencerevealedstochasticcharacterizesdifferent
read the original abstract
McFadden and Richter (1991) and later McFadden (2005) show that the Axiom of Revealed Stochastic Preference characterizes rationalizability of choice probabilities through random utility models on finite universal choice spaces. This note proves the result in one short, elementary paragraph and extends it to set valued choice. The latter requires a different axiom than is reported in McFadden (2005).
This paper has not been read by Pith yet.
discussion (0)
Sign in with ORCID, Apple, or X to comment. Anyone can read and Pith papers without signing in.