LAUSR

This paper proposes a conditional Curie–Weiss model as a model for decision making in a stylized society made up of binary decision makers that face a particular dichotomous choice between two options. Following Brock and Durlauf (Discrete choice with social interaction I: theory, 1955), we set-up both socio-economic and statistical mechanical models for the choice problem. We point out when both the socio-economic and statistical mechanical models give rise to the same self-consistent equilibrium mean choice level(s). Phase diagram of the associated statistical mechanical model and its socio-economic implications are discussed.