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Genetic Architecture of Economic Preferences David Cesarini Cesarini
Genetic Architecture of Economic Preferences David Cesarini Cesarini

... Magnus Johannesson, Stockholm School of Economics Philipp Koellinger, Erasmus School of Economics David Laibson, Harvard University Matthijs van der Loos, Erasmus School of Economics ...
Probability and Uncertainty in Economic Modeling
Probability and Uncertainty in Economic Modeling

... their theory is therefore restricted to situations of risk, rather than uncertainty. Their theory does not tell us where probabilities might emerge from if they are not given, and their framework does not support expected utility maximization if uncertainty is not quantified. Savage’s (1954) main co ...
Preferences and Utility - UCLA Economics Homepage
Preferences and Utility - UCLA Economics Homepage

... Transitivity Axiom: For every triple x, y, z ∈ X, if x < y and y < z then x < z. An agent has complete preferences if she can compare any two objects. An agent has transitive preferences if her preferences are internally consistent. Let’s consider some examples. First, suppose that, given any two ca ...
A positive correlation between turnout and plurality does not refute
A positive correlation between turnout and plurality does not refute

... of the first for values of D greater than R.) An increase in turnout therefore has an ambiguous effect on expected plurality, and numerical calculations are necessary to determine the sign and magnitude of the effect. For simulation purposes let there be 2,000 jurisdictions, each with 150,000 eligib ...
Document
Document

... Exception: If the error terms εij in are assumed to be independently & identically standard extreme value distributed, then an analytical solution exists. In this case, similar to binary logit, it can be shown that the choice probabilities are P(yi  j)  ...
Homo economicus
Homo economicus

... [Economics is] the science which describes human behavior as a relationship between [given] ends and scarce means which have alternative uses. [Lionel Robbins, 1935, Ch.1]. In the axiomatization outlaid above, scarcity is expressed by the finiteness of the space of consequences i.e., the actions the ...
Class 9 Lecture
Class 9 Lecture

... • Multinomial logit is designed for outcomes that are not complexly interrelated • Critical assumption: Independence of Irrelevant Alternatives (IIA) • Odds of one outcome versus another should be independent of other alternatives – Problems often come up when dealing with individual choices… ...
Psychophysical Foundations of the Cobb
Psychophysical Foundations of the Cobb

2013 and the democratic coup ocratic coup
2013 and the democratic coup ocratic coup

... country unnamed by the author but thought by many experts to be based on T— and F—) where she infiltrated a junta who had taken control of the country. By analysing the voting preferences of its members and manipulating their agenda, she managed to get herself elected High Muckamuck and went on to r ...
1

Independence of irrelevant alternatives

The independence of irrelevant alternatives (IIA), also known as binary independence or the independence axiom, is an axiom of decision theory and various social sciences. The term is used with different meanings in different contexts; although they all attempt to provide a rational account of individual behavior or aggregation of individual preferences, the exact formulations differ from context to context.In individual choice theory, IIA sometimes refers to Chernoff's condition or Sen's property α (alpha):if an alternative x is chosen from a set T, and x is also an element of a subset S of T, then x must be chosen from S. That is, eliminating some of the unchosen alternatives shouldn't affect the selection of x as the best option.In social choice theory, Arrow's IIA is one of the conditions in Arrow's impossibility theorem, which states that it is impossible to aggregate individual rank-order preferences (""votes"") satisfying IIA in addition to certain other reasonable conditions. Arrow defines IIA thus:The social preferences between alternatives x and y depend only on the individual preferences between x and y.Another expression of the principle:If A is preferred to B out of the choice set {A,B}, introducing a third option X, expanding the choice set to {A,B,X}, must not make B preferable to A.In other words, preferences for A or B should not be changed by the inclusion of X, i.e., X is irrelevant to the choice between A and B. This formulation appears in bargaining theory, theories of individual choice, and voting theory. Some theorists find it too strict an axiom; experiments by Amos Tversky, Daniel Kahneman, and others have shown that human behavior rarely adheres to this axiom.In social choice theory, IIA is also defined as:If A is selected over B out of the choice set {A,B} by a voting rule for given voter preferences of A, B, and an unavailable third alternative X, then if only preferences for X change, the voting rule must not lead to B's being selected over A.In other words, whether A or B is selected should not be affected by a change in the vote for an unavailable X, which is irrelevant to the choice between A and B.
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