Decision and choice: Luce's choice axiom (2015)
Authors
Abstract
Abstract Luce's choice axiom (LCA) is a theory of individual choice behavior that has proven to be a powerful tool in the behavioral sciences for over 50 years. LCA is grounded in two fundamental properties: choice is probabilistic and the probability of choosing an option from one set of alternatives is related to the probability of choosing the same option from a different set. This entry reviews the basic properties of LCA. It also discusses crucial tests of predictions derived from LCA regarding the role of context. The historical connections of LCA and crucial applications of LCA are also reviewed. Keywords: decision; choice; psychology; economics; preference; learning; axiomatic; Luce; probability; stochastic; context; mathematical model;
Bibliographic entry
Pleskac, T. J. (2015). Decision and choice: Luce's choice axiom. In J. D. Wright (Ed.), International encyclopedia of the social & behavioral sciences (Vol. 5, 2nd. ed., pp. 895-900). Oxford: Elsevier. doi:10.1016/B978-0-08-097086-8.43031-X
Miscellaneous
| Publication year | 2015 | |
|---|---|---|
| Document type: | In book | |
| Publication status: | Published | |
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| Keywords: | axiomaticchoicecontextdecisioneconomicslearninglucemathemat-preferenceprobabilitypsychologystochastic |