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econ.TH2023
Dynamic and Stochastic Rational Behavior
Nail Kashaev, Victor H. Aguiar, Martin Plávala +1
The (static) utility maximization model of Afriat (1967), which is the standard in analysing choice behavior, is under scrutiny. We propose the Dynamic Random Utility Model (DRUM)…
econ.TH2022★ 1 cited
Nonparametric Analysis of Dynamic Random Utility Models
Nail Kashaev, Victor H. Aguiar
We study a dynamic generalization of stochastic rationality in consumer behavior, the Dynamic Random Utility Model (DRUM). Under DRUM, a consumer draws a utility function from a st…