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ALTERNATIVE THEORETICAL FRAMEWORKS FOR THE INTERPRETATION OF RANDOM UTILITY MODELS
Author(s) -
Arcangeli E. Fabio,
Leonardi Giorgio,
Reggiani Aura
Publication year - 1985
Publication title -
papers in regional science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.937
H-Index - 64
eISSN - 1435-5957
pISSN - 1056-8190
DOI - 10.1111/j.1435-5597.1985.tb00911.x
Subject(s) - interpretation (philosophy) , flexibility (engineering) , adaptability , attractiveness , bounded rationality , rationality , mathematical economics , computer science , function (biology) , economics , management science , econometrics , microeconomics , epistemology , psychology , philosophy , programming language , evolutionary biology , biology , management , psychoanalysis
Orthodox demand theory has received greater flexibility and adaptability to different choice situations from the broad family of Additive Random Utility Models. But this development leaves the major open issues in demand analysis still unresolved. In this contribution special attention is given to alternative theoretical frameworks for the interpretation of Random Utility Models. The analysis conducted opens the way for further developments and, in conclusion, a first outline of a stochastic model, where choice probabilities can be interpreted as function of some “observed attractiveness” in the theoretical framework of bounded rationality, is presented.