THE RANDOM UTILITY MODEL WITH AN INFINITE CHOICE SPACE

Authors
CLARK SA
Citation
Sa. Clark, THE RANDOM UTILITY MODEL WITH AN INFINITE CHOICE SPACE, Economic theory, 7(1), 1996, pp. 179-189
Citations number
15
Categorie Soggetti
Economics
Journal title
Economic theory → ACNP
ISSN journal
09382259
Volume
7
Issue
1
Year of publication
1996
Pages
179 - 189
Database
ISI
SICI code
0938-2259(1996)7:1<179:TRUMWA>2.0.ZU;2-J
Abstract
This essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The anal ysis is based upon DeFinetti's Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central r esult is the equivalence of the random utility maximization hypothesis and the coherency of the choice probabilities over all allowable cons traint sets.