Due to mcfadden economists usually interpret random choice, Ask an Expert

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Due to McFadden Economists usually interpret Random Choice, in the population sense, as each DM being drawn from the probabilistic choice rule independently and identically. However, Psychologist has maintained that individual DM is actually stochastic, in the sense that when presented with the same menu several times they would choose different alternatives. I am not fully convinced by either way of understanding probability in Decision Making, is there any work on understanding this, neuro economics, epistemological or anything related. In short, what is the interpretation of random choice for an individual DM?

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Business Economics, Economics

Category:- Business Economics
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