On ordinal utility, cardinal utility, and random utility

Though the Random Utility Model (RUM) was conceived  entirely in terms of ordinal utility, the apparatus throughwhich it is widely practised exhibits properties of  cardinal utility.  The adoption of cardinal utility as a  working operation of ordinal is perfectly valid, provided  interpretations drawn from that operation remain faithful  to ordinal utility.  The paper considers whether the latterrequirement holds true for several measurements commonly  derived from RUM.  In particular it is found that  measurements of consumer surplus change may depart from  ordinal utility, and exploit the cardinality inherent in  the practical apparatus.

On the Structure of Behavioral Multistate Duration Models

This paper proposes a particular behavioral assumption to characterize the stochastic structure of intertemporal discrete choice models in the absence of state dependence. This assumption extends Luce's axiom; "Independence from Irrelevant Alternatives", to the intertemporal context. Under certain regularity conditions the implication of this assumption is that the individual choice process is a Markov chain with transition probabilities that have a particularly simple structure.MODELS

A simplified version of Heckman's two stage estimation procedure

SIGLEBibliothek Weltwirtschaft Kiel C 147142 / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman

Female labor supply in West-Germany 1984

SIGLEBibliothek Weltwirtschaft Kiel C 152760 / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman

Female labor supply in West Germany 1984

SIGLEIAB-96-231-31 AS 639 / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDiskussionsprotokollDEGerman

Transition choice probabilities and welfare analysis in additive random utility models

Random utility models, Logit, Transition choice probabilities, Compensating variation, Shephard’s lemma, Logsum, CES, D11, D60,