Utility of income as a random function : behavioral characterization and empirical evidence

In Section 4 we derive compensated choice probabilities and the distribution of the expenditure function under price changes conditional on a utility level equal to the initial

To this end a particular discrete/continuous random utility choice model is developed, in which the probability distribution of the prices and quality indexes of the

The purpose of this paper is to demonstrate that some simple empirical rules of thumb for choice under uncertainty are consistent with the rank-dependent utility theory..

Second, Dagsvik (1991) has demonstrated that the subclass of random utility models generated from max-stable processes is dense in the class of random utility models, in the...

In our model, the observed wage and hours of work are a result of both preference (utility function) and job choice constraints (opportunity measure).. It is thus important to

(iv) The development of discrete choice labour supply models (starting with Zabalza, Pissarides, & Barton, 1980) and of models based on (various versions of) the Random

In this note, we derive a simultaneous system of static consumer demand functions from a model with stochastic elements explicitly specified in the utility function and

For example, in analysis of welfare, game theory, choice under uncertainty and dynamic choice, models are formulated in terms of (time independent) utility of total income