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Fast computation algorithm for the random consideration set model
- Lee, Younghwan
- Economics letters 2019 v.179 pp. 38-41
- algorithms, economics, models
- This paper proposes a fast and reliable computation algorithm for the random consideration set model. A simple and numerically tractable representation of the model is developed to reduce the computational burden. I show that the new algorithm outperforms existing methods in terms of accuracy and speed.