STICERD Economic Theory Seminars
Collin Raymond (Oxford University), joint with Chris Chambers and Yusufcan Masatlioglu
Thursday 18 June 2020 15:30 - 17:00
Due to the onging coronavirus outbreak, many of our seminars and public events this year will continue as online seminars. Please check our website listings and Twitter feed @STICERD_LSE for updates.
About this event
We provide a model of stochastic choice where the choice function is the outcome of an optimization procedure with respect to a quadratic loss function. Although choice probabilities are the result of deliberate randomization, our model is still a random utility model, thus combining two major approaches to stochastic choice. We show that the model is characterized by three simple axioms, and that parameters map to choice probabilities in a transparent fashion. Our model generalizes the Luce model, can accommodate many well known violations of strong stochastic transitivity, and unlike more general forms of random utility, it is uniquely identified.
Economic Theory Seminars are held on Thursdays in term time at 15:30-17:00, ONLINE, unless specified otherwise.
Seminar organisers: Dr Andrew Ellis and Dr Francesco Nava.
For further information please contact Annie-Rose Nicholas by email: email@example.com.
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