Abstract
We present an alternative explanation of the logit probabilistic choice from the equal likelihood hypothesis without the Gumbel distribution. The hypothesis is that if the total utility values from combinations of actions are the same, all such combinations of actions are equally likely.
Original language | English |
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Pages (from-to) | 519-522 |
Number of pages | 4 |
Journal | Economics Letters |
Volume | 115 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2012 Jun |
Externally published | Yes |
Keywords
- Equal likelihood hypothesis
- Logit
- Probabilistic choice
ASJC Scopus subject areas
- Economics and Econometrics
- Finance