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Income Effects and Rationalizability in Multinomial Choice Models

By Debopam Bhattacharya
In multinomial choice settings with additive heterogeneity, Daly-Zachary (1978) and Armstrong-Vickers (2015) provided closed-form conditions, under which choice probability functions can be rationalized via random utility models. A key condition is Slutsky symmetry. We first show that in the multinomial context, Daly-Zachary's Slutsky symmetry is equivalent to absence of income-effects.... Show more
May 25, 2020
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Income Effects and Rationalizability in Multinomial Choice Models
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