2 papers
econ.TH2025
Irrational Random Utility Models
Daniele Caliari, Henrik Petri
The Random Utility Model (RUM) is the leading model to represent the aggregate choices of a heterogeneous population of preference maximizers. We show that if (and only if) prefere…
econ.TH2025
The Luce Model, Regularity, and Choice Overload
Daniele Caliari, Henrik Petri
We characterize regularity (Block & Marschak, 1960) within a novel stochastic model: the General Threshold Luce model [GTLM]. We apply our results to study choice overload, identif…