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Erschienen in:

01.12.2008

Risk, uncertainty and discrete choice models

verfasst von: Andre de Palma, Moshe Ben-Akiva, David Brownstone, Charles Holt, Thierry Magnac, Daniel McFadden, Peter Moffatt, Nathalie Picard, Kenneth Train, Peter Wakker, Joan Walker

Erschienen in: Marketing Letters | Ausgabe 3-4/2008

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Abstract

This paper examines the cross-fertilizations of random utility models with the study of decision making under risk and uncertainty. We start with a description of the expected utility (EU) theory and then consider deviations from the standard EU frameworks, involving the Allais paradox and the Ellsberg paradox, inter alia. We then discuss how the resulting non-EU framework can be modeled and estimated within the framework of discrete choices in static and dynamic contexts. Our objectives in addressing risk and ambiguity in individual choice contexts are to understand the decision choice process and to use behavioral information for prediction, prescription, and policy analysis.

Vorheriger Artikel Sequential sampling models of choice: Some recent advances

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Titel: Risk, uncertainty and discrete choice models
verfasst von: Andre de Palma
Moshe Ben-Akiva
David Brownstone
Charles Holt
Thierry Magnac
Daniel McFadden
Peter Moffatt
Nathalie Picard
Kenneth Train
Peter Wakker
Joan Walker
Publikationsdatum: 01.12.2008
Verlag: Springer US
Erschienen in: Marketing Letters / Ausgabe 3-4/2008
Print ISSN: 0923-0645
Elektronische ISSN: 1573-059X
DOI: https://doi.org/10.1007/s11002-008-9047-0

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