Random utility model: Difference between revisions

Revision as of 13:45, 7 November 2023

Revision as of 14:44, 7 November 2023

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In [[economics]] and [[psychology]], a '''random utility model''' ('''RUM'''),<ref>{{Cite web |title=The Structure of Random Utility Models - ProQuest |url=https://www.proquest.com/openview/7acf07ef00e4d7b837b4de87994aed40/1?cbl=1818302&pq-origsite=gscholar |access-date=2023-11-07 |website=www.proquest.com |language=en}}</ref><ref>{{Citation |last=Cascetta |first=Ennio |title=Random Utility Theory |date=2009 |url=https://doi.org/10.1007/978-0-387-75857-2_3 |work=Transportation Systems Analysis: Models and Applications |pages=89–167 |editor-last=Cascetta |editor-first=Ennio |access-date=2023-11-07 |series=Springer Optimization and Its Applications |place=Boston, MA |publisher=Springer US |language=en |doi=10.1007/978-0-387-75857-2_3 |isbn=978-0-387-75857-2}}</ref>, also called '''stochastic utility model''',<ref>{{Cite journal |last=Manski |first=Charles F. |date=1975-08-01 |title=Maximum score estimation of the stochastic utility model of choice |url=https://www.sciencedirect.com/science/article/pii/0304407675900329 |journal=Journal of Econometrics |volume=3 |issue=3 |pages=205–228 |doi=10.1016/0304-4076(75)90032-9 |issn=0304-4076}}</ref> is a mathematical description of the preferences of a person, whose choices are not deterministic, but depend on a random state variable.

== Background ==