Stochastic Choice Theory

Tomasz Strzalecki (Harvard University, Massachusetts)

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English

Cambridge University Press
23 January 2025

Microeconomics; Labour economics; Econometrics; Economic statistics

Series: Econometric Society Monographs

Models of stochastic choice are studied in decision theory, discrete choice econometrics, behavioral economics and psychology. Numerous experiments show that perception of stimuli is not deterministic, but stochastic (randomly determined). A growing body of evidence indicates that the same is true of economic choices. Whether trials are separated by days or minutes, the fraction of choice reversals is substantial. Stochastic Choice Theory offers a systematic introduction to these models, unifying insights from various fields. It explores mathematical models of stochastic choice, which have a variety of applications in game theory, industrial organization, labor economics, marketing, and experimental economics. Offering a systematic introduction to the field, this book builds up from scratch without any prior knowledge requirements and surveys recent developments, bringing readers to the frontier of research.

By: Tomasz Strzalecki (Harvard University Massachusetts)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
ISBN: 9781009512763
ISBN 10: 1009512765
Series: Econometric Society Monographs
Pages: 220
Publication Date: 23 January 2025
Audience: College/higher education , Further / Higher Education
Format: Hardback
Publisher's Status: Active

Part I. Static Choice: 1. Random Utility; 2. Basic Properties; 3. More Models and Properties; Part II. Risk and Learning: 4. Risk; 5. Passive Learning; 6. Active Learning; Part III. Dynamic Choice: 7. Dynamic Choice; 8. Dynamic Optimality; 9. Response Times; Part IV. Discrete Choice: 10. Discrete Choice; 11. Random Consideration; 12. Dynamic Discrete Choice; Part V. Appendices: Appendix A. Additional Material and Proof Sketches; Appendix B. Bibliography; Appendix N. Notation.

Tomasz Strzalecki is Henry Lee Professor of Economics at Harvard University. He is a leading decision theorist contributing to the areas of stochastic choice, temporal preferences, and ambiguity aversion. He is a fellow of the Econometric Society and a recipient of the Sloan Fellowship.