| Title: |
Multinomial logit processes and preference discovery: inside and outside the black box |
| Authors: |
Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo; Rustichini, Aldo |
| Contributors: |
Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo; Rustichini, Aldo |
| Publication Year: |
2023 |
| Collection: |
Università Commerciale Luigi Bocconi: CINECA IRIS |
| Subject Terms: |
DISCRETE CHOICE ANALYSIS; DRIFT DIFFUSION MODEL; HETEROSCEDASTIC EXTREME VALUE MODELS; LUCE MODEL; METROPOLIS ALGORITHM; MULTINOMIAL LOGIT MODEL; QUANTAL RESPONSE EQUILIBRIUM; RATIONAL INATTENTION |
| Description: |
We provide two characterizations, one axiomatic and the other neuro-computational, of the dependence of choice probabilities on deadlines, within the widely used softmax representation. Our axiomatic analysis provides a behavioural foundation of softmax (also known as Multinomial Logit Model). Our neuro-computational derivation provides a biologically inspired algorithm that may explain the emergence of softmax in choice behaviour. Jointly, the two approaches provide a thorough understanding of softmaximization in terms of internal causes (neuro-physiological mechanisms) and external effects (testable implications). |
| Document Type: |
article in journal/newspaper |
| File Description: |
PRINT + ONLINE |
| Language: |
English |
| Relation: |
info:eu-repo/semantics/altIdentifier/wos/WOS:000853462900001; volume:90; issue:3; firstpage:1155; lastpage:1194; journal:REVIEW OF ECONOMIC STUDIES; https://hdl.handle.net/11565/4052185 |
| DOI: |
10.1093/restud/rdac046 |
| DOI: |
10.1093/restud/rdac046/6654601 |
| Availability: |
https://hdl.handle.net/11565/4052185; https://doi.org/10.1093/restud/rdac046; https://academic.oup.com/restud/advance-article/doi/10.1093/restud/rdac046/6654601 |
| Rights: |
info:eu-repo/semantics/openAccess |
| Accession Number: |
edsbas.B518B958 |
| Database: |
BASE |