A testable theory of imperfect perception

Andrew Caplin, Daniel Martin*

*Corresponding author for this work

Research output: Contribution to journalArticle

10 Scopus citations

Abstract

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.

Original languageEnglish (US)
Pages (from-to)184-202
Number of pages19
JournalEconomic Journal
Volume125
Issue number582
DOIs
StatePublished - Feb 1 2015

ASJC Scopus subject areas

  • Economics and Econometrics

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