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How to Extend a Model of Probabilistic Choice from Binary Choices to Choices among More Than Two Alternatives

Author

Listed:
  • Pavlo R. Blavatskyy

Abstract

This note presents an algorithm that extends a binary choice model to choice among multiple alternatives. Both neoclassical microeconomic theory and Luce choice model are consistent with the proposed algorithm. The algorithm is compatible with several empirical findings (asymmetric dominance and attraction effects) that cannot be explained within standard models.

Suggested Citation

  • Pavlo R. Blavatskyy, 2009. "How to Extend a Model of Probabilistic Choice from Binary Choices to Choices among More Than Two Alternatives," IEW - Working Papers 426, Institute for Empirical Research in Economics - University of Zurich.
    • Handle: RePEc:zur:iewwpx:426
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    File URL: https://www.zora.uzh.ch/id/eprint/51878/1/iewwp426.pdf
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    Citations

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    Cited by:

    1. Pavlo Blavatskyy, 2012. "Probabilistic choice and stochastic dominance," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(1), pages 59-83, May.
    2. Blavatskyy, Pavlo R., 2012. "Probabilistic subjective expected utility," Journal of Mathematical Economics, Elsevier, vol. 48(1), pages 47-50.
    3. Blavatskyy, Pavlo, 2019. "Future plans and errors," Mathematical Social Sciences, Elsevier, vol. 102(C), pages 85-92.
    4. Blavatskyy, Pavlo, 2018. "Fechner’s strong utility model for choice among n>2 alternatives: Risky lotteries, Savage acts, and intertemporal payoffs," Journal of Mathematical Economics, Elsevier, vol. 79(C), pages 75-82.
    5. Pavlo R. Blavatskyy, 2020. "Dual choice axiom and probabilistic choice," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 25-41, August.

    More about this item

    Keywords

    Probabilistic choice; binary choice; multiple alternatives;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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