کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5091879 | 1478401 | 2014 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Benefit of adding an alternative to one׳s choice set: A regret minimization perspective
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
بازاریابی و مدیریت بازار
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
The aim of this paper is to present and test a crucial building block for a regret minimization based choice set formation model, in that it presents a regret based benefit measure for the value associated with adding an alternative to one׳s choice set. By doing so, the paper contributes to existing research which has predominantly adopted a utility-based perspective. I show, using simulations based on a route choice model estimated on stated choice data, that the two perspectives - regret based and utility based - generate markedly different benefits. These are caused by the fact that the regret based perspective takes into account choice set composition effects. For example, in line with its behavioral premises, the regret based model predicts that adding an attractive alternative to the set choice only results in a large reduction in regret when the alternative outperforms existing alternatives in terms of every attribute (i.e., becomes a 'clear winner'). In general, the benefit of adding a new alternative to one׳s choice set is predicted to be substantially higher by a utility based model, compared to a regret based counterpart. This implies that, to the extent that regret minimization (utility maximization) is an important determinant of decision-making, a utility (regret) based model would overestimate (underestimate) the true size of the decision-maker׳s choice set.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Choice Modelling - Volume 13, December 2014, Pages 49-59
Journal: Journal of Choice Modelling - Volume 13, December 2014, Pages 49-59
نویسندگان
Caspar G. Chorus,