ERA

Download the full-sized PDF of Choice Task Complexity and Decision Strategy SelectionDownload the full-sized PDF

Analytics

Share

Permanent link (DOI): https://doi.org/10.7939/R3723V

Download

Export to: EndNote  |  Zotero  |  Mendeley

Communities

This file is in the following communities:

Resource Economics and Environmental Sociology, Department of

Collections

This file is in the following collections:

Staff Papers (Resource Economics & Environmental Sociology)

Choice Task Complexity and Decision Strategy Selection Open Access

Descriptions

Author or creator
Swait, Joffre
Adamowicz, Wiktor
Additional contributors
Subject/Keyword
consumer behaviour
stated preferences
revealed preferences
Type of item
Report
Language
English
Place
Time
Description
The psychology, the marketing consumer behavior and, to a much smaller extent, the economics literature have long reported evidence that decision makers utilize different decision strategies depending upon many factors (person-specific, task-specific, etc.). Such observations have generally failed to affect the specification of choice models in commercial practice and academic research, both of which still tend to assume an utility maximizing, full information, indefatigable decision maker. This is treu whether the models deal with Stated Preferences (SP - from hypothetical elicitations) or Revealed Preference (RP = from actual market decisions) choice data. This paper, which deals only with SP data, address the following issues: (1) does task complexity affect decision strategy selection in experimental choice tasks? (2) does the cumulative cognitive burden created by multiple choice scenarios done in sequence affect the selection of decision strategy by respondents? Our contribution is two-fold: (1) we introduce decision strategy as an explicit factor in aggregate choice models via the mechanism of latent classes, which are assumed to be a function of task complexity; (2) we demonstrate, for a particular set of data, that within the scope of an SP choice task, respondents did indeed make use of multiple decision strategies as choice set complexity changed and as the SP task progressed. We examine the import of our findings to current practice, model interpretation and future research needs.
Date created
1997
DOI
doi:10.7939/R3723V
License information
Creative Commons Attribution-Non-Commercial-No Derivatives 3.0 Unported
Rights

Citation for previous publication

Source
Link to related item

File Details

Date Uploaded
Date Modified
2014-05-01T00:38:03.375+00:00
Audit Status
Audits have not yet been run on this file.
Characterization
File format: pdf (Portable Document Format)
Mime type: application/pdf
File size: 153906
Last modified: 2015:10:12 13:40:11-06:00
Filename: sp-97-08.pdf
Original checksum: 6537fbba96be3aef4d8f071db8b88ddb
Well formed: true
Valid: true
File title: Microsoft Word - sp-97-08.doc
Page count: 48
Activity of users you follow
User Activity Date