On the independence from irrelevant alternatives in probabilistic choice models (Q1073705)
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scientific article; zbMATH DE number 3945818
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | On the independence from irrelevant alternatives in probabilistic choice models |
scientific article; zbMATH DE number 3945818 |
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On the independence from irrelevant alternatives in probabilistic choice models (English)
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1985
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The assumption of ''Independence of irrelevant alternatives'', or Savage's ''Sure thing principle'' is necessary to prove the expected utility theorem in choice theory. The author states that an equivalent assumption is occasionally invoked in the probabilistic choice theory due to Luce, and shows that in this case the assumption is very restrictive.
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Independence of irrelevant alternatives
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Sure thing principle
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expected utility theorem
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probabilistic choice theory
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