Incorporating simplified decision rules into tourist decision making processes: A case of fishing trips

A key assumption of preference valuation methods is that ‘rational’ individuals fully process the information contained in the choice sets for utility maximization. Empirical evidence, however, suggests that individuals are not perfect in terms of managing information processing tasks, and often ignore certain pieces of information. Incorporating such decision making behavior is expected to reduce a source of modeling errors and improve the quality of valuation results. Using a case of recreation and tourism fishing trips, study results indicated that the majority of respondents ignored certain choice attributes when making decisions. Increasing the accuracy of preference measures is an ultimate goal of preference valuation research, and therefore recent developments in decision sciences should be incorporated.

► Valuation methods should integrate the use of simplified decision making strategies.
► The inclusion of such information will improve the quality of valuation results.
► A case of for-hire boat fishing trips was to test these study objectives.
► Study results show that respondents used a simplified decision making strategy.
► Failure to account for such strategies resulted in biased estimates and WTP values.