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Published December 2012 | public
Journal Article

A representative consumer theorem for discrete choice models in networked markets

Abstract

We provide an alternative way to model sequential decision processes, which is consistent with the random utility maximization hypothesis and the existence of a representative agent. Our result is stated on terms of a direct utility representation, and it does not depend on parametric assumptions.

Additional Information

© 2012 Elsevier B.V. Received 8 June 2012; Received in revised form 22 August 2012; Accepted 7 September 2012; Available online 19 September 2012. I warmly thank Simon Anderson, Federico Echenique, Bob Sherman, Matt Shum, and Erik Snowberg for comments about the problem that we analyze in this paper. I also acknowledge comments from participants in the California Econometrics Conference 2011, and an anonymous referee for constructive suggestions that helped to improve the final presentation of the paper.

Additional details

Created:
August 22, 2023
Modified:
October 20, 2023