Abstract
Mixture choice data consist of the joint distribution of choices of a group of agents from a collection of menus, comprising the implied stochastic choice function plus any cross-menu correlations. When agents are heterogeneous with respect to both preferences and other aspects of cognition, we show that these two determinants of behavior are identified simultaneously by suitable mixture choice data. We also demonstrate how this finding can be extended to allow for specialized assumptions about cognition, focusing on models of random satisficing thresholds and “quantal Fechnerian” choice.
| Original language | English |
|---|---|
| Pages (from-to) | 687-715 |
| Number of pages | 29 |
| Journal | Journal of Political Economy |
| Volume | 131 |
| Issue number | 3 |
| Early online date | 1 Jul 2022 |
| DOIs | |
| Publication status | Published - 9 Feb 2023 |
Bibliographical note
Funding Information:Yusufcan Masatlioglu, and Illia Pasichnichenko, as well as numerous seminar and conference audiences. Dardanoni thanks the Ministry of Education, University, and Research (MIUR) for financial support through Research Projects of National Interest (PRIN) grant 2017KZZLYP. Manzini and Mariotti thank the Leverhulme Foundation for support through research project grant 2019-143. This paper was edited by Emir Kamenica.
Publisher Copyright:
© 2023 The University of Chicago.
Research Groups and Themes
- ECON Microeconomic Theory
Keywords
- cognition
- heterogeneity
- identification
- satisficing
- stochastic choice