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26 results

Page 1 of 2

  • Chapter 8 - Dynamic Optimality

  • from Part III - Dynamic Choice
  • Tomasz Strzalecki, Harvard University, Massachusetts
  • Book:
    Stochastic Choice Theory
    Published online:
    14 January 2025
    Print publication:
    23 January 2025, pp 112-119

  • Summary

    Agents are forward-looking and incorporate their future behavior into today’s decisions. This is captured by the Bellman equation. We break this axiomatically into preference for flexibility and rational expectations.

  • Chapter 4 - Risk

  • from Part II - Risk and Learning
  • Tomasz Strzalecki, Harvard University, Massachusetts
  • Book:
    Stochastic Choice Theory
    Published online:
    14 January 2025
    Print publication:
    23 January 2025, pp 47-61

  • Summary

    How do people choose between risky prospects? I discuss the model of random expected utility and its axiomatic characterization. Other models are discussed too, including models of nonexpected utility and models with additive shocks.

  • Chapter 9 - Response Times

  • from Part III - Dynamic Choice
  • Tomasz Strzalecki, Harvard University, Massachusetts
  • Book:
    Stochastic Choice Theory
    Published online:
    14 January 2025
    Print publication:
    23 January 2025, pp 120-136

  • Summary

    Are fast choices better or worse than slow ones? This chapter explores models of stopping times, including sequential sampling models from statistics and drift-diffusion models from cognitive science.

  • Chapter 1 - Random Utility

  • from Part I - Static Choice
  • Tomasz Strzalecki, Harvard University, Massachusetts
  • Book:
    Stochastic Choice Theory
    Published online:
    14 January 2025
    Print publication:
    23 January 2025, pp 3-18

  • Summary

    Observed choices are random in psychological experiments on perception and in economics experiments on choice. I discuss a number of possible explanations and introduce the random utility model.

  • Chapter 7 - Dynamic Choice

  • from Part III - Dynamic Choice
  • Tomasz Strzalecki, Harvard University, Massachusetts
  • Book:
    Stochastic Choice Theory
    Published online:
    14 January 2025
    Print publication:
    23 January 2025, pp 99-111

  • Summary

    Agents typically make choices in succession. This may lead to situations where past choices seem to influence future choices, but often such a correlation is spurious and goes away if the analyst has as much information as the agent.

Page 1 of 2