Abstract
Let S denote a finite set of n objects, or rewards, which can be thought of as being numbered serially, 1, 2,…, n. An offered set is a nonempty subset of S. We will be concerned with experiments in which a subject chooses a reward from each of several offered sets. The word ‘rewards’ is used here to describe the objects in S in order to convey the notion that the subject will choose the reward that he prefers from any offered set. Thus, if the subject knows he will receive the reward that he chooses, presumably he will choose the reward that he would most like to possess.
This paper is one of a series resulting from the co-operation of the three authors at the Western Management Science Institute, University of California at Los Angeles, in 1960–1961. The work was supported in part by the Ford Foundation, the Behavioral Research Service, General Electric Company, and a contract with the Office of Naval Research, Task Number 047-041.
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© 1974 D. Reidel Publishing Company, Dordrecht, Holland
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Becker, G.M., DeGroot, M.H. (1974). Stochastic Models of Choice Behavior (1963). In: Economic Information, Decision, and Prediction. Theory and Decision Library, vol 7-1. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-9276-0_11
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DOI: https://doi.org/10.1007/978-94-010-9276-0_11
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