Stochastic Choice and Consideration Sets

S-Tier
Journal: Econometrica
Year: 2014
Volume: 82
Issue: 3
Pages: 1153-1176

Score contribution per author:

4.022 = (α=2.01 / 2 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximizes a preference relation within the set of considered alternatives. We show that this random choice rule is the only one for which the impact of removing an alternative on the choice probability of any other alternative is asymmetric and menu independent. Both the preference relation and the attention parameters are identified uniquely by stochastic choice data.

Technical Details

RePEc Handle
repec:wly:emetrp:v:82:y:2014:i:3:p:1153-1176
Journal Field
General
Author Count
2
Added to Database
2026-01-25