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Revealed preference domains from random choice

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  • Valkanova, Kremena

Abstract

Ordinal random utility models (RUMs) are based on the presumption that fluctuating preferences drive stochastic choices. We study a novel property of RUM subclasses called exclusiveness, satisfied whenever the supports of all RUM representations of stochastic choice data, rationalizable by a RUM over preferences within a specific domain, also belong to that domain. We demonstrate that well-known preference domains such as the single-peaked, single-dipped, triple-wise value-restricted and peak-monotone are RUM-exclusive, alongside a novel domain we term peak-pit on a line. Building on existing characterization results, we show how these preference domains can be directly revealed from stochastic choice data, without the need to compute all RUM representations.

Suggested Citation

  • Valkanova, Kremena, 2024. "Revealed preference domains from random choice," Games and Economic Behavior, Elsevier, vol. 147(C), pages 288-304.
  • Handle: RePEc:eee:gamebe:v:147:y:2024:i:c:p:288-304
    DOI: 10.1016/j.geb.2024.08.001
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    More about this item

    Keywords

    Random utility model; Stochastic choice; Single-peaked preferences; Single-dipped preferences; Value-restriction;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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