Random Choice and Learning

S-Tier
Journal: Journal of Political Economy
Year: 2019
Volume: 127
Issue: 1
Pages: 419 - 457

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

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

Abstract

Context-dependent individual choice challenges the principle of utility maximization. I explain context dependence as the optimal response of an imperfectly informed agent to the ease of comparison of the options. I introduce a discrete choice model, the Bayesian probit, which allows the analyst to identify stable preferences from context-dependent choice data. My model accommodates observed behavioral phenomena--including the attraction and compromise effects--that lie beyond the scope of any random utility model. I use data from frog mating choices to illustrate how the model can outperform the random utility framework in goodness of fit and out-of-sample prediction.

Technical Details

RePEc Handle
repec:ucp:jpolec:doi:10.1086/700762
Journal Field
General
Author Count
1
Added to Database
2026-01-26