Publication: Updating stochastic choice
Updating stochastic choice
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Alos-Ferrer, C., & Mihm, M. (2021). Updating stochastic choice (No. 381; Working Paper Series / Department of Economics).
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When an economic agent makes a choice, stochastic models predicting those choices can be updated. The structural assumptions embedded in the prior model condition the updated one, to the extent that the same evidence produces different predictions even when previous ones were identical. We provide a general framework for models of stochastic choice allowing for arbitrary forms of (structural) updating and show that different models can be sharply separated by their structural properties, leading to axiomatic characterizations. Our fra
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D81
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Alos-Ferrer, C., & Mihm, M. (2021). Updating stochastic choice (No. 381; Working Paper Series / Department of Economics).
