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    Choice in the presence of experts

    Beckert, Walter (2015) Choice in the presence of experts. Working Paper. Birkbeck College, University of London, London, UK.

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    Abstract

    This paper considers the micro-econometric analysis of discrete choice problems in which the choice set is strategically pre-selected by a third-party advisor or expert. It delineates measures of efficiency loss arising from (i) the sets of relevant choice attributes being imperfectly aligned between ultimate beneficiary of the choice outcome and third-party expert, and (ii) pre-selected choice-sets being uniform across ultimate beneficiaries who differ in their subjective evaluations of relevant choice attributes. And it identifies inconsistencies in estimation when strategically pre-selected choice sets are treated as exogenous. Some applications to choice in healthcare and financial services markets are sketched.

    Metadata

    Item Type: Monograph (Working Paper)
    Additional Information: ISSN 1745-8587: BWPEF 1503
    Keyword(s) / Subject(s): Discrete choice, expert, endogenous choice sets
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Research Centre: Commodities Finance Centre
    Depositing User: Administrator
    Date Deposited: 20 May 2016 09:31
    Last Modified: 07 Dec 2016 15:30
    URI: http://eprints.bbk.ac.uk/id/eprint/15276

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