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A model of stochastic choice from lists

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  • Ishii, Yuhta
  • Kovach, Matthew
  • Ülkü, Levent

Abstract

We study stochastic choice from lists. All lists present the same set of alternatives albeit in different orders. Faced with a list, the decision maker makes her choice in two stages. In the first stage she searches through the list till she sees k alternatives. In the second stage she chooses from the alternatives she has seen. Both k and the choice rule governing her second stage behavior are random. We show that the underlying primitives of our model are revealed by the decision maker’s choice frequencies from lists. We characterize the model and two of its special cases. In the first special case the decision maker deterministically chooses the best observed alternative according to a given preference. In the second, the decision maker maximizes random preferences.

Suggested Citation

  • Ishii, Yuhta & Kovach, Matthew & Ülkü, Levent, 2021. "A model of stochastic choice from lists," Journal of Mathematical Economics, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:mateco:v:96:y:2021:i:c:s0304406821000598
    DOI: 10.1016/j.jmateco.2021.102509
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    References listed on IDEAS

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    1. Aguiar, Victor H. & Boccardi, Maria Jose & Dean, Mark, 2016. "Satisficing and stochastic choice," Journal of Economic Theory, Elsevier, vol. 166(C), pages 445-482.
    2. Paola Manzini & Marco Mariotti, 2014. "Stochastic Choice and Consideration Sets," Econometrica, Econometric Society, vol. 82(3), pages 1153-1176, May.
    3. Lleras, Juan Sebastián & Masatlioglu, Yusufcan & Nakajima, Daisuke & Ozbay, Erkut Y., 2017. "When more is less: Limited consideration," Journal of Economic Theory, Elsevier, vol. 170(C), pages 70-85.
    4. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, vol. 102(5), pages 2183-2205, August.
    5. Richard L. Brady & John Rehbeck, 2016. "Menu‐Dependent Stochastic Feasibility," Econometrica, Econometric Society, vol. 84, pages 1203-1223, May.
    6. Kovach, Matthew & Ülkü, Levent, 2020. "Satisficing with a variable threshold," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 67-76.
    7. Guney, Begum, 2014. "A theory of iterative choice in lists," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 26-32.
    8. , & ,, 2006. "A model of choice from lists," Theoretical Economics, Econometric Society, vol. 1(1), pages 3-17, March.
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    Cited by:

    1. Koshevoy, Gleb & Savaglio, Ernesto, 2023. "On rational choice from lists of sets," Journal of Mathematical Economics, Elsevier, vol. 109(C).
    2. Manzini, Paola & Mariotti, Marco & Ülkü, Levent, 2024. "A model of approval with an application to list design," Journal of Economic Theory, Elsevier, vol. 217(C).

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