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- 2Choice modeling
- 2Consumer behaviour
- 2Revealed preferences
- 2Stated preferences
- 1Choice context
- 1Contingent valuation
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...
Welfare economics is often employed to measure the impact of economic policies or externalities. When demand is characterized by discrete choices, static models of consumer demand are employed for this type of analysis because of the difficulty in estimating dynamic discrete choice models. In...
Choice Environment, Market Complexity and Consumer Behavior: A Theoretical and Empirical Approach for Incorporating Decision Complexity into Models of Consumer ChoiceDownload
Most empirical models of consumer choice assume that the decision-maker assesses all alternatives and information in a perfect information processing sense. The complexity of the choice environment, the ability of the individual to make complex decisions and the effect of choice context on the...
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...
The Effect of Choice Environment and Task Demands on Consumer Behavior: Discriminating Between Contribution and ConfusionDownload
Choices, whether they are made in actual markets (revealed preferences or RP) or in surveys (stated preference of SP), provide information about the preferences of individuals. These choices also contain what researchers interpret as \"noise\" or unexplained variation; a variety of techniques...
Contingent valuation (CV) has been employed by economists for approximately 30 years to value changes in natural resources and environments. Estimating the value of resource improvements or damages is analogous to the problem in marketing research of estimating the demand for new products or...