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 593. Law of Demand and Forced Choice

by S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, and A. Rustichini

We characterize consistent random choice rules in terms of the optimality of the support. We then proceed to study stochastic choice in a consumer theory setting. We prove a law of demand for stochastic choice. We then move to a temporal setting where we characterize the softmax decision criterion.

Last updated December 22, 2016