Journal
MATHEMATICAL SOCIAL SCIENCES
Volume 93, Issue -, Pages 67-76Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.mathsocsci.2018.02.004
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Funding
- National Science Foundation [SES 1558757, CNS-1518941]
- Direct For Social, Behav & Economic Scie
- Divn Of Social and Economic Sciences [1558757] Funding Source: National Science Foundation
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We develop an axiomatic theory of random choice that builds on Luce's (1959) model to incorporate a role for perception. We capture the role of perception through perception priorities; priorities that determine whether an object or alternative is perceived sooner or later than other alternatives. We identify agents' perception priorities from their violations of Luce's axiom of independence from irrelevant alternatives (IIA). The direction of the violation of IIA implies an orientation of agents' priority rankings. We adjust choice probabilities to account for the effects of perception, and impose that adjusted choice probabilities satisfy IIA. So all violations of IIA are accounted for by the perception order. The theory can explain some very well-documented behavioral phenomena in individual choice. (C) 2018 Elsevier B.V. All rights reserved.
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