Published October 2013
| Accepted Version
Working Paper
Open
The Perception-Adjusted Luce Model
Chicago
Abstract
We develop an axiomatic model that builds on Luce's (1959) model to incorporate a role for perception. We identify agents' "perception priorities" from their violations of Luce's axiom of independence from irrelevant alternatives. Using such perception priorities, we adjust choice probabilities to account for the effects of perception. Our axiomatization requires that the agents' adjusted random choice conforms to Luce's model. Our model can explain the attraction, compromise, and similarity effects, which are very well-documented behavioral phenomena in individual choice.
Additional Information
October 2013.Attached Files
Accepted Version - sswp1379.pdf
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Additional details
- Eprint ID
- 65547
- Resolver ID
- CaltechAUTHORS:20160321-134531088
- Created
-
2016-03-22Created from EPrint's datestamp field
- Updated
-
2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 1379