Nonparametric Analysis of Random Utility Models: Testing

Konferenzbeitrag

This paper aims at formulating econometric tools for investigating stochastic rationality, using the Random Utility Models (RUM) to deal with unobserved heterogeneity nonparametrically. Theoretical implications of the RUM have been studied in the literature, and in particular this paper utilizes the axiomatic treatment by McFadden and Richter (McFadden and Richter, 1991, McFadden, 2005). A set of econometric methods to test stochastic rationality given a cross-sectional data is developed. This also provides means to conduct policy analysis with minimal assumptions. In terms of econometric methodology, it offers a procedure to deal with nonstandard features implied by inequality restrictions. This might be of interest on its own right, both theoretically and practically.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2013: Wettbewerbspolitik und Regulierung in einer globalen Wirtschaftsordnung - Session: Microeconometrics ; No. D20-V3

Classification and Topics

• Classification: Wirtschaft ; Semiparametric and Nonparametric Methods: General ; Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models ; Consumer Economics: Empirical Analysis

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Stoye, Jörg ; Kitamura, Yuichi
• Event: Veröffentlichung
• (who): ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
• (where): Kiel und Hamburg
• (when): 2013

Further information

• Handle: http://hdl.handle.net/10419/79753
• Last update: 10.03.2025, 11:42 AM CET