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<p>This paper examines probabilistic choice shaped by the concept of personal equilibrium introduced by Kőszegi &amp;&#xa0;Rabin (Q J Econ 121(4):1133–1165, 2006). The main results characterize three nested models of personal equilibrium using simple axioms that regulate the impact of undominated and dominated alternatives. In addition, the paper demonstrates the equivalence between personal equilibrium models and two-stage random choice models, furnishing characterizations for the latter.</p>

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Personal equilibrium and random choice

  • 期刊论文

  • 发表日期：

    2026年2月21日

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  • Dan Qin

摘要

This paper examines probabilistic choice shaped by the concept of personal equilibrium introduced by Kőszegi & Rabin (Q J Econ 121(4):1133–1165, 2006). The main results characterize three nested models of personal equilibrium using simple axioms that regulate the impact of undominated and dominated alternatives. In addition, the paper demonstrates the equivalence between personal equilibrium models and two-stage random choice models, furnishing characterizations for the latter.