Superextremal Processes, Max-Stability and Dynamic Continuous Choice
Resnick, Sidney I. ; Roy, Rishin
Ann. Appl. Probab., Tome 4 (1994) no. 4, p. 791-811 / Harvested from Project Euclid
A general framework in an ordinal utility setting for the analysis of dynamic choice from a continuum of alternatives $E$ is proposed. The model is based on the theory of random utility maximization in continuous time. We work with superextremal processes $\mathbf{Y} = \{\mathbf{Y}_t, t \in (0,\infty)\}$, where $\mathbf{Y}_t = \{Y_t(\tau),\tau \in E\}$ is a random element of the space of upper semicontinuous functions on a compact metric space $E$. Here $Y_t(\tau)$ represents the utility at time $t$ for alternative $\tau \in E$. The choice process $\mathbf{M} = \{M_t, t \in (0,\infty)\}$, is studied, where $M_t$ is the set of utility maximizing alternatives at time $t$, that is, $M_t$ is the set of $\tau \in E$ at which the sample paths of $\mathbf{Y}_t$ on $E$ achieve their maximum. Independence properties of $\mathbf{Y}$ and $\mathbf{M}$ are developed, and general conditions for $\mathbf{M}$ to have the Markov property are described. An example of such conditions is that $\mathbf{Y}$ have max-stable marginals.
Publié le : 1994-08-14
Classification:  Choice theory,  superextremal processes,  extreme value theory,  Poisson process,  max-stability,  60G70,  60G55
@article{1177004972,
     author = {Resnick, Sidney I. and Roy, Rishin},
     title = {Superextremal Processes, Max-Stability and Dynamic Continuous Choice},
     journal = {Ann. Appl. Probab.},
     volume = {4},
     number = {4},
     year = {1994},
     pages = { 791-811},
     language = {en},
     url = {http://dml.mathdoc.fr/item/1177004972}
}
Resnick, Sidney I.; Roy, Rishin. Superextremal Processes, Max-Stability and Dynamic Continuous Choice. Ann. Appl. Probab., Tome 4 (1994) no. 4, pp.  791-811. http://gdmltest.u-ga.fr/item/1177004972/