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Permanent link (DOI): https://doi.org/10.7939/R3BC3SZ2X

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Integrating Routine, Variety Seeking and Compensatory Choice in a Utility Maximizing Framework Open Access

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Author or creator
Adamowicz, Wiktor
Swait, Joffre
Additional contributors
Subject/Keyword
choice modeling
variety-seeking
routine behavior
panel data
Type of item
Report
Language
English
Place
Time
Description
Given the large number of choices that consumers make each day it seems likely that they will generally adopt decision strategies that minimize cognitive effort, particularly with low price products such as most items found in a supermarket. One such strategy may be to simply choose what has been chosen in the past, i.e. to fall into a pattern of routine choices or decisions. In contrast, there may be preferences for variety in markets for low price, highly differentiated goods. We develop a conceptual and empirical model of routine choice, and the factors that result in transitions to two strategies other than routine selection, to wit, utility maximizing choice among available alternatives and a variety seeking strategy. The empirical approach we employ provides a mechanism for the examination of panel data that avoids the state dependence issues present in most applications to these types of data. We apply this framework to the choice of two food products that illustrate the heterogeneity across types of products in decision strategies and routine choice patterns.
Date created
2010
DOI
doi:10.7939/R3BC3SZ2X
License information
Creative Commons Attribution-Non-Commercial-No Derivatives 3.0 Unported
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File title: Staff paper 10-01 cover.pdf
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