Paper #1536

Títol:

Stochastic representatitve agent

Autors:

Jose Apesteguia i Miguel A. Ballester

Data:

Setembre 2016

Resum:

Consider the aggregation of a collection of individual stochastic behaviors that fit a given stochastic choice model. We say that such a model has a representative agent if their aggregate stochastic behaviour also fits the model. We show that the Luce model and several prominent extensions thereof do not have a representative agent. On the positive side, we show that the random utility model and several domain-specific restrictions thereof do have a representative agent.

Paraules clau:

Representative agent; Stochastic choice.

Codis JEL:

D0; D7; E1.

Àrea de Recerca:

Economia Experimental i del Comportament / Microeconomia

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