IDEAS home Printed from https://ideas.repec.org/a/eee/eejocm/v11y2014icp30-42.html
   My bibliography  Save this article

Relative advantage maximisation as a model of context dependence for binary choice data

Author

Listed:
  • Leong, Waiyan
  • Hensher, David A.

Abstract

In recent years we have seen a burgeoning literature, within a discrete choice modelling setting, focussing on capturing increased behavioural realism in decision making through the use of alternative specifications of the utility function. One notable example is the increasing popularity of the random regret minimisation (RRM) model, in which respondents are assumed to choose the alternative that minimises the negative emotions associated with decision making.

Suggested Citation

  • Leong, Waiyan & Hensher, David A., 2014. "Relative advantage maximisation as a model of context dependence for binary choice data," Journal of choice modelling, Elsevier, vol. 11(C), pages 30-42.
    • Handle: RePEc:eee:eejocm:v:11:y:2014:i:c:p:30-42
    DOI: 10.1016/j.jocm.2014.05.002
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1755534514000256
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jocm.2014.05.002?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Caspar Chorus, 2011. "Random Regret Minimization: An Overview of Model Properties and Empirical Evidence," Transport Reviews, Taylor & Francis Journals, vol. 32(1), pages 75-92, July.
    2. Mara Thiene & Marco Boeri & Caspar Chorus, 2012. "Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 51(3), pages 413-429, March.
    3. Rose, John M. & Bliemer, Michiel C.J. & Hensher, David A. & Collins, Andrew T., 2008. "Designing efficient stated choice experiments in the presence of reference alternatives," Transportation Research Part B: Methodological, Elsevier, vol. 42(4), pages 395-406, May.
    4. Chorus, Caspar G. & Arentze, Theo A. & Timmermans, Harry J.P., 2008. "A Random Regret-Minimization model of travel choice," Transportation Research Part B: Methodological, Elsevier, vol. 42(1), pages 1-18, January.
    5. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    6. Moshe Ben-Akiva & Joffre Swait, 1986. "The Akaike Likelihood Ratio Index," Transportation Science, INFORMS, vol. 20(2), pages 133-136, May.
    7. David Hensher & John Rose & Zheng Li, 2012. "Does the choice model method and/or the data matter?," Transportation, Springer, vol. 39(2), pages 351-385, March.
    8. Amos Tversky & Itamar Simonson, 1993. "Context-Dependent Preferences," Management Science, INFORMS, vol. 39(10), pages 1179-1189, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kazagli, Evanthia & de Lapparent, Matthieu, 2023. "A discrete choice modeling framework of heterogenous decision rules accounting for non-trading behavior," Journal of choice modelling, Elsevier, vol. 48(C).
    2. Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2019. "How to better represent preferences in choice models: The contributions to preference heterogeneity attributable to the presence of process heterogeneity," Transportation Research Part B: Methodological, Elsevier, vol. 122(C), pages 218-248.
    3. Marley, A.A.J. & Swait, J., 2017. "Goal-based models for discrete choice analysis," Transportation Research Part B: Methodological, Elsevier, vol. 101(C), pages 72-88.
    4. Hancock, Thomas O. & Broekaert, Jan & Hess, Stephane & Choudhury, Charisma F., 2020. "Quantum probability: A new method for modelling travel behaviour," Transportation Research Part B: Methodological, Elsevier, vol. 139(C), pages 165-198.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Caspar G. Chorus, 2014. "Capturing alternative decision rules in travel choice models: a critical discussion," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 13, pages 290-310, Edward Elgar Publishing.
    2. Chorus, Caspar & van Cranenburgh, Sander & Dekker, Thijs, 2014. "Random regret minimization for consumer choice modeling: Assessment of empirical evidence," Journal of Business Research, Elsevier, vol. 67(11), pages 2428-2436.
    3. Chorus, Caspar G., 2014. "A Generalized Random Regret Minimization model," Transportation Research Part B: Methodological, Elsevier, vol. 68(C), pages 224-238.
    4. Sunghoon Jang & Soora Rasouli & Harry Timmermans, 2017. "Incorporating psycho-physical mapping into random regret choice models: model specifications and empirical performance assessments," Transportation, Springer, vol. 44(5), pages 999-1019, September.
    5. Chorus, Caspar G. & Koetse, Mark J. & Hoen, Anco, 2013. "Consumer preferences for alternative fuel vehicles: Comparing a utility maximization and a regret minimization model," Energy Policy, Elsevier, vol. 61(C), pages 901-908.
    6. repec:cup:judgdm:v:16:y:2021:i:6:p:1324-1369 is not listed on IDEAS
    7. van Cranenburgh, Sander & Rose, John M. & Chorus, Caspar G., 2018. "On the robustness of efficient experimental designs towards the underlying decision rule," Transportation Research Part A: Policy and Practice, Elsevier, vol. 109(C), pages 50-64.
    8. Gao, Kun & Sun, Lijun & Yang, Ying & Meng, Fanyu & Qu, Xiaobo, 2021. "Cumulative prospect theory coupled with multi-attribute decision making for modeling travel behavior," Transportation Research Part A: Policy and Practice, Elsevier, vol. 148(C), pages 1-21.
    9. Chorus, Caspar G., 2012. "Logsums for utility-maximizers and regret-minimizers, and their relation with desirability and satisfaction," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(7), pages 1003-1012.
    10. Haghani, Milad & Sarvi, Majid, 2018. "Hypothetical bias and decision-rule effect in modelling discrete directional choices," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 361-388.
    11. Boeri, Marco & Longo, Alberto, 2017. "The importance of regret minimization in the choice for renewable energy programmes: Evidence from a discrete choice experiment," Energy Economics, Elsevier, vol. 63(C), pages 253-260.
    12. Kim, Jinhee & Rasouli, Soora & Timmermans, Harry, 2017. "Satisfaction and uncertainty in car-sharing decisions: An integration of hybrid choice and random regret-based models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 95(C), pages 13-33.
    13. Sudeep Bhatia & Graham Loomes & Daniel Read, 2021. "Establishing the laws of preferential choice behavior," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 16(6), pages 1324-1369, November.
    14. Smeele, Nicholas V.R. & Chorus, Caspar G. & Schermer, Maartje H.N. & de Bekker-Grob, Esther W., 2023. "Towards machine learning for moral choice analysis in health economics: A literature review and research agenda," Social Science & Medicine, Elsevier, vol. 326(C).
    15. Haghani, Milad & Sarvi, Majid, 2019. "Laboratory experimentation and simulation of discrete direction choices: Investigating hypothetical bias, decision-rule effect and external validity based on aggregate prediction measures," Transportation Research Part A: Policy and Practice, Elsevier, vol. 130(C), pages 134-157.
    16. van Cranenburgh, Sander & Guevara, Cristian Angelo & Chorus, Caspar G., 2015. "New insights on random regret minimization models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 74(C), pages 91-109.
    17. Lim, Jooyoung & Hahn, Minhi, 2020. "Regulatory focus and decision rules: Are prevention-focused consumers regret minimizers?," Journal of Business Research, Elsevier, vol. 120(C), pages 343-350.
    18. Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2019. "How to better represent preferences in choice models: The contributions to preference heterogeneity attributable to the presence of process heterogeneity," Transportation Research Part B: Methodological, Elsevier, vol. 122(C), pages 218-248.
    19. Caspar Chorus & Michel Bierlaire, 2013. "An empirical comparison of travel choice models that capture preferences for compromise alternatives," Transportation, Springer, vol. 40(3), pages 549-562, May.
    20. Erlend Dancke Sandorf & Danny Campbell, 2019. "Accommodating satisficing behaviour in stated choice experiments," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 46(1), pages 133-162.
    21. Lehmann, Nico & Sloot, Daniel & Schüle, Christopher & Ardone, Armin & Fichtner, Wolf, 2023. "The motivational drivers behind consumer preferences for regional electricity – Results of a choice experiment in Southern Germany," Energy Economics, Elsevier, vol. 120(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eejocm:v:11:y:2014:i:c:p:30-42. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/journal-of-choice-modelling .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.