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Models of stochastic choice and decision theories : why both are important for analyzing decisions
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Blavatskyy, Pavlo R. and Pogrebna, Ganna. (2009) Models of stochastic choice and decision theories : why both are important for analyzing decisions. Journal of Applied Econometrics, Vol.25 (No.6). pp. 963-986. ISSN 0883-7252
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Official URL: http://dx.doi.org/10.1002/jae.1116
Abstract
We select a menu of seven popular decision theories and embed each theory in five models of stochastic choice, including tremble, Fechner and random utility model. We find that the estimated parameters of decision theories differ significantly when theories are combined with different models. Depending on the selected model of stochastic choice we obtain different rankings of decision theories with regard to their goodness of fit to the data. The fit of all analyzed decision theories improves significantly when they are embedded in a Fechner model of heteroscedastic truncated errors or a random utility model.
| Item Type: | Journal Article |
|---|---|
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HM Sociology J Political Science > JC Political theory |
| Divisions: | Faculty of Social Sciences > Economics |
| Journal or Publication Title: | Journal of Applied Econometrics |
| Publisher: | Wiley-Blackwell Publishing, Inc |
| ISSN: | 0883-7252 |
| Date: | October 2009 |
| Volume: | Vol.25 |
| Number: | No.6 |
| Number of Pages: | 24 |
| Page Range: | pp. 963-986 |
| Identification Number: | 10.1002/jae.1116 |
| Status: | Peer Reviewed |
| Publication Status: | Published |
| Access rights to Published version: | Restricted or Subscription Access |
| Funder: | Fund for Support of Academic Development at the University of Zurich |
| URI: | http://wrap.warwick.ac.uk/id/eprint/45589 |
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