Revealed Stochastic Preference: A One-Paragraph Proof and Generalization

20 Feb 2019 Stoye Jörg

McFadden and Richter (1991) and later McFadden (2005) show that the Axiom of Revealed Stochastic Preference characterizes rationalizability of choice probabilities through random utility models on finite universal choice spaces. This note proves the result in one short, elementary paragraph and extends it to set valued choice... (read more)

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