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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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