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Menu‐Dependent Stochastic Feasibility

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  • Richard L. Brady
  • John Rehbeck

Abstract

We examine the role of stochastic feasibility in consumer choice using a random conditional choice set rule (RCCSR) and uniquely characterize the model from conditions on stochastic choice data. Feasibility is modeled to permit correlation in availability of alternatives. This provides a natural way to examine substitutability/complementarity. We show that an RCCSR generalizes the random consideration set rule of [Manzini and Mariotti, 2014]. We then relate this model to existing literature. In particular, an RCCSR is not a random utility model.

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  • Richard L. Brady & John Rehbeck, 2016. "Menu‐Dependent Stochastic Feasibility," Econometrica, Econometric Society, vol. 84, pages 1203-1223, May.
    • Handle: RePEc:wly:emetrp:v:84:y:2016:i::p:1203-1223
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