Discrete Choice And Stochastic Utility Maximization  

Oleh:

Koning, Ruud H. ; Ridder, Geert

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Econometrics Journal vol. 6 no. 1 (Jun. 2003), page 1–27.
Topik: Discrete choice; Stochastic utility maximization; Nested multinomial logit model
Fulltext: 1.pdf (236.31KB)

Isi artikel

Discrete choice models are usually derived from the assumption of random utility maximization. We consider the reverse problem, whether choice probabilities are consistent with maximization of random utilities. This leads to tests that consider the variation of these choice probabilities with the average utilities of the alternatives. By restricting the range of the average utilities we obtain a sequence of tests with fewer maintained assumptions. In an empirical application, even the test with the fewest maintained assumptions rejects the hypothesis of random utility maximization.

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