Monotone Stochastic Choice Models: The Case of Risk and Time Preferences
研究了随机选择模型中的单调性性质，发现标准随机效用模型在风险和时间偏好中可能严重违反单调性，导致识别问题和估计偏差，而随机参数模型则始终满足单调性。
Suppose that, when evaluating two alternatives x and y by means of a parametric utility function, low values of the parameter indicate a preference for x and high values indicate a preference for y. We say that a stochastic choice model is monotone whenever the probability of choosing x is decreasing in the preference parameter. We show that the standard use of random utility models in the context of risk and time preferences may sharply violate this monotonicity property, and argue that their use in preference estimation may be problematic. They may pose identification problems and could yield biased estimations. We then establish that the alternative random parameter models are always monotone.