Random choice as behavioral optimization

Research output: Contribution to journalArticlepeer-review

67 Scopus citations


We develop an extension of Luce's random choice model to study violations of the weak axiom of revealed preference. We introduce the notion of a stochastic preference and show that it implies the Luce model. Then, to address well-known difficulties of the Luce model, we define the attribute rule and establish that the existence of a welldefined stochastic preference over attributes characterizes it. We prove that the set of attribute rules and random utility maximizers are essentially the same. Finally, we show that both the Luce and attribute rules have a unique consistent extension to dynamic problems.

Original languageEnglish (US)
Pages (from-to)1873-1912
Number of pages40
Issue number5
StatePublished - 2014

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


  • Attribute rule
  • Dynamic random choice
  • Luce rule
  • Random utility


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