Milan: Seminar on regret minimization and utility maximization: the approach and four case studies
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FEEM Associate researcher Marco Boeri from Queen’s University of Belfast will discuss two different approaches to individual decision making, using data from four different case studies with both revealed and stated preferences: the Random Regret Minimization and the Random Utility Maximization . The two models will be compared in terms of parameter estimates, goodness of fit, elasticities and consequential policy implications.