Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Smock cited in amicus brief for Supreme Court case on citizenship rights for foreign-born children of unwed parents

Levy, Buchmueller and colleagues examine Medicaid expansion's impact on ER visits

ISR data show large partisan gap in consumer expectations for economy

More News

Highlights

MiCDA Research Fellowship - applications due July 21, 2017

U-M awarded $58 million to develop ideas for preventing and treating health problems

Bailey, Eisenberg , and Fomby promoted at PSC

Former PSC trainee Eric Chyn wins PAA's Dorothy S. Thomas Award for best paper

More Highlights

Probabilistic Choice (Models) as a Result of Balancing Multiple Goals

Publication Abstract

Swait, Joffre Dan, and A.A.J. Marley. 2013. "Probabilistic Choice (Models) as a Result of Balancing Multiple Goals." Journal of Mathematical Psychology, 57(1-2): 1-14.

We conceptualize probabilistic choice as the result of the simultaneous pursuit of multiple goals in a vector optimization representation, which is reduced to a scalar optimization that implies goal balancing. The majority of prior theoretical and empirical work on such probabilistic choice is based on random utility models, the most basic of which assume that each choice option has a valuation that has a deterministic (systematic) component plus a random component determined by some specified distribution. An alternate approach to probabilistic choice has considered maximization of one quantity (e.g., utility), subject to constraints on one or more other quantities (e.g., cost). The multiple goal perspective integrates the results regarding the well-studied multinomial logit model of probabilistic choice that has been derived from each of the above approaches; extends the results to other models in the generalized extreme value (GEV) class; and relates them to recent axiomatic work on the utility of gambling.

DOI:10.1016/j.jmp.2013.03.003 (Full Text)

Browse | Search : All Pubs | Next