Multiperiodic Random Criterion Alternatives Selection Model

Authors

  • Федор Валентинович Исхаков St. Petersburg State University, 7–9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

Abstract

The n-periodical modification of the known random utility model for alternatives selection is developed in the article. Due to the introduction of the mathematical expectation of the future utility in the criterion function, the model allows for adequate representation of the consequences of the decisions made. Retirement behavior of the Norwegian households was modeled for illustration. The estimation results in better accuracy compared to the static model.

Keywords:

economic cybernetics

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Author Biography

Федор Валентинович Исхаков, St. Petersburg State University, 7–9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

аспирант

References

Литература на русском языке

Гумбель Э. Статистика экстремальных значений. М., 1965.

Невзоров В.Б. Рекорды. Математическая теория. М., 2000.

Пантелеев А.В., Бортаковский А.С, Летова T.A. Оптимальное управление в примерах и задачах. М., 1996.


References in Latin Alphabet

Hernas Е., Strom S. Family labour supply when husband is eligible for early retirement. Memorandum of department of economics. University of Oslo. Vol. 13. 2000.

Luce R. Individual choice behavior: a theoretical analysis. New York, 1959.

Luce R., Suppes P. Preference, utility and subjective probability//Handbook of Mathematical Psychology. Vol. 4. New York, 1965.

Maddala G.S. Limited dependent and qualitative variables in econometrics. Cambridge, 1988; McFadden D. Conditional logit analysis of quantative choice behavior. London, 1974.

Thurstone L. A law of comparative judgment//Psychological Review. Vol. 34. 1927. С 273-286.

Yellot J.J. The relationship between Luce's choice axiom,Thurstone's theory of comparative judgment, and the double exponential distribution//Journal of Mathematical Psychology. Vol.15. 1977. С 109-144.


Translation of references in Russian into English

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Published

2005-09-30

How to Cite

Исхаков, Ф. В. (2005). Multiperiodic Random Criterion Alternatives Selection Model. St Petersburg University Journal of Economic Studies, (3), 168–174. Retrieved from https://economicsjournal.spbu.ru/article/view/4526

Issue

No. 3 (2005)

Section

Mathematical models in economics

License

Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.