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The random utility model with an infinite choice space

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  • Stephen A. Clark

    (Department of Statistics, University of Kentucky, Lexington, KY 40506, USA)

Abstract

This essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The analysis is based upon DeFinetti' Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central result is the equivalence of the random utility maximization hypothesis and the coherency of the choice probabilities over all allowable constraint sets.

Suggested Citation

  • Stephen A. Clark, 1995. "The random utility model with an infinite choice space," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 179-189.
    • Handle: RePEc:spr:joecth:v:7:y:1995:i:1:p:179-189
    Note: Received: July 7, 1992; revised version January 17, 1994
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    Cited by:

    1. Faruk Gul & Wolfgang Pesendorfer, 2006. "Random Expected Utility," Econometrica, Econometric Society, vol. 74(1), pages 121-146, January.
    2. Faruk Gul & Wolfgang Pesendorfer, 2005. "Random Expected Utility," Levine's Bibliography 122247000000000834, UCLA Department of Economics.

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