A Testable Theory of Imperfect Perception | Zendy

Caplin Andrew | Zendy; Martin Daniel | Zendy

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A Testable Theory of Imperfect Perception

Author(s) -

Caplin Andrew,

Martin Daniel

Publication year - 2015

Publication title -

the economic journal

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 4.683

H-Index - 160

eISSN - 1468-0297

pISSN - 0013-0133

DOI - 10.1111/ecoj.12130

Subject(s) - impossibility , imperfect , computer science , robustness (evolution) , bayesian probability , observable , econometrics , mathematical economics , perfect information , perception , expected utility hypothesis , economics , artificial intelligence , philosophy , linguistics , biochemistry , chemistry , physics , quantum mechanics , neuroscience , biology , political science , law , gene

We provide a characterisation of choice behaviour generated by a Bayesian expected utility maximiser. The observable signature of this standard model is the impossibility of raising utility by switching wholesale from one action to another. We provide applications to robustness, to the recovery of utility from choice data and to model classification.

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