A representative consumer theorem for discrete choice models in networked markets

We provide an alternative way to model sequential decision processes, which is consistent with the random utility maximization hypothesis and the existence of a representative agent. Our result is stated on terms of a direct utility representation, and it does not depend on parametric assumptions.

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Year of publication:	2012
Authors:	Melo, Emerson
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 117.2012, 3, p. 862-865
Publisher:	Elsevier
Subject:	Discrete choice models \| Networked markets \| Dynamic programming

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Type of publication:	Article
Classification:	D01 - Microeconomic Behavior: Underlying Principles ; C00 - Mathematical and Quantitative Methods. General ; C51 - Model Construction and Estimation ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010594200