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 Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Research Centres and Institutes: | Commodities Finance Centre |
| Depositing User: | Administrator |
| Date Deposited: | 20 May 2016 09:31 |
| Last Modified: | 02 Aug 2023 17:24 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/15276 |
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