Discrete Choice and Stochastic Utility Maximization

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 hypotheses. In an empirical application, even the test with the fewest maintaned hypotheses rejects the hypothesis of random utility maximization

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Year of publication:	2013
Authors:	Koning, Ruud Hans ; Ridder, Geert
Publisher:	[S.l.] : SSRN
Subject:	Präferenztheorie \| Theory of preferences \| Nutzenfunktion \| Utility function \| Nutzen \| Utility \| Entscheidung \| Decision \| Diskrete Entscheidung \| Discrete choice

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