Heterogeneity in decision processes: Embedding extremeness aversion, risk attitude and perceptual conditioning in multiple process rules choice making
Author
Abstract
Suggested Citation
DOI: 10.1016/j.tra.2018.03.026
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- David Hensher, 2014. "Attribute processing as a behavioural strategy in choice making," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 12, pages 268-289, Edward Elgar Publishing.
- Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
- Dhami, Sanjit, 2016. "The Foundations of Behavioral Economic Analysis," OUP Catalogue, Oxford University Press, number 9780198715535.
- David A. Hensher & Zheng Li, 2012. "Valuing Travel Time Variability within a Rank-Dependent Utility Framework and an Investigation of Unobserved Taste Heterogeneity," Journal of Transport Economics and Policy, University of Bath, vol. 46(2), pages 293-312, May.
- Ben McNair & David Hensher & Jeff Bennett, 2012.
"Modelling Heterogeneity in Response Behaviour Towards a Sequence of Discrete Choice Questions: A Probabilistic Decision Process Model,"
Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 51(4), pages 599-616, April.
- McNair, Ben J. & Heshner, David A. & Bennett, Jeffrey W., 2011. "Modelling heterogeneity in response behaviour towards a sequence of discrete choice questions: a probabilistic decision process model," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100585, Australian Agricultural and Resource Economics Society.
- Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2017. "Integrating attribute non-attendance and value learning with risk attitudes and perceptual conditioning," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 97(C), pages 172-191.
- Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2014.
"Dual criteria decisions,"
Journal of Economic Psychology, Elsevier, vol. 41(C), pages 101-113.
- Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet, 2009. "Dual Criteria Decisions," Working Papers 02-2009, Copenhagen Business School, Department of Economics.
- Víctor Cantillo & Juan de Dios Ortúzar & Huw C. W. L. Williams, 2007. "Modeling Discrete Choices in the Presence of Inertia and Serial Correlation," Transportation Science, INFORMS, vol. 41(2), pages 195-205, May.
- Vuong, Quang H, 1989. "Likelihood Ratio Tests for Model Selection and Non-nested Hypotheses," Econometrica, Econometric Society, vol. 57(2), pages 307-333, March.
- Stephane Hess & Amanda Stathopoulos & Andrew Daly, 2012. "Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies," Transportation, Springer, vol. 39(3), pages 565-591, May.
- Waiyan Leong & David Alan Hensher, 2012. "Embedding Decision Heuristics in Discrete Choice Models: A Review," Transport Reviews, Taylor & Francis Journals, vol. 32(3), pages 313-331, February.
- Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2017. "Is there a systematic relationship between random parameters and process heuristics?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 106(C), pages 160-177.
- Hensher,David A. & Rose,John M. & Greene,William H., 2015. "Applied Choice Analysis," Cambridge Books, Cambridge University Press, number 9781107465923, January.
- Hensher, David A. & Greene, William H. & Li, Zheng, 2011. "Embedding risk attitude and decision weights in non-linear logit to accommodate time variability in the value of expected travel time savings," Transportation Research Part B: Methodological, Elsevier, vol. 45(7), pages 954-972, August.
- Drazen Prelec, 1998. "The Probability Weighting Function," Econometrica, Econometric Society, vol. 66(3), pages 497-528, May.
- L. Eeckhoudt & C. Gollier & H. Schlesinger, 2005. "Economic and financial decisions under risk," Post-Print hal-00325882, HAL.
- Leong, Waiyan & Hensher, David A., 2012. "Embedding multiple heuristics into choice models: An exploratory analysis," Journal of choice modelling, Elsevier, vol. 5(3), pages 131-144.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- 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).
- Balbontin, Camila & Hensher, David A., 2020. "Identifying the role of stated process strategies in business location decisions," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 141(C).
- Kim, Sung Hoo & Mokhtarian, Patricia L., 2023. "Finite mixture (or latent class) modeling in transportation: Trends, usage, potential, and future directions," Transportation Research Part B: Methodological, Elsevier, vol. 172(C), pages 134-173.
- Lin, Wen & Nayga, Rodolfo M., 2022. "Green identity labeling, environmental information, and pro-environmental food choices," Food Policy, Elsevier, vol. 106(C).
- 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.
- Follett, Lendie & Naald, Brian Vander, 2023. "Heterogeneity in choice experiment data: A Bayesian investigation," Journal of choice modelling, Elsevier, vol. 46(C).
- Cheng, Yin-Hui & Chuang, Shih-Chieh & Pei-I Yu, Annie & Lai, Wan-Ting, 2019. "Change in your wallet, change your choice: The effect of the change-matching heuristic on choice," Journal of Retailing and Consumer Services, Elsevier, vol. 49(C), pages 67-76.
- Gonçalves, Tânia & Lourenço-Gomes, Lina & Pinto, Lígia M. Costa, 2022. "The role of attribute non-attendance on consumer decision-making: Theoretical insights and empirical evidence," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 788-805.
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.- 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.
- Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2017. "Integrating attribute non-attendance and value learning with risk attitudes and perceptual conditioning," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 97(C), pages 172-191.
- 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).
- Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2017. "Is there a systematic relationship between random parameters and process heuristics?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 106(C), pages 160-177.
- Follett, Lendie & Naald, Brian Vander, 2023. "Heterogeneity in choice experiment data: A Bayesian investigation," Journal of choice modelling, Elsevier, vol. 46(C).
- Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2010.
"Behavioral econometrics for psychologists,"
Journal of Economic Psychology, Elsevier, vol. 31(4), pages 553-576, August.
- Steffen Andersen & Glenn W. Harrison & Morten Igel Lau & Elisabet E. Rutstroem, 2007. "Behavioral Econometrics for Psychologists," Department of Economics Working Papers 2007_08, Durham University, Department of Economics.
- Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabeth E., 2007. "Behavioral Econometrics for Psychologists," Working Papers 18-2007, Copenhagen Business School, Department of Economics.
- Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2009. "Behavioral Econometrics for Psychologists," Working Papers 04-2009, Copenhagen Business School, Department of Economics.
- Damien Jourdain & Juliette Lairez & Bruno Striffler & François Affholder, 2020. "Farmers’ preference for cropping systems and the development of sustainable intensification: a choice experiment approach," Post-Print hal-02995632, HAL.
- Gonzalez-Valdes, Felipe & Heydecker, Benjamin G. & Ortúzar, Juan de Dios, 2022. "Quantifying behavioural difference in latent class models to assess empirical identifiability: Analytical development and application to multiple heuristics," Journal of choice modelling, Elsevier, vol. 43(C).
- John Buckell & Vrinda Vasavada & Sarah Wordsworth & Dean A. Regier & Matthew Quaife, 2022. "Utility maximization versus regret minimization in health choice behavior: Evidence from four datasets," Health Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 363-381, February.
- Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2017. "Do familiarity and awareness influence voting intention: The case of road pricing reform?," Journal of choice modelling, Elsevier, vol. 25(C), pages 11-27.
- Gonzalez-Valdes, Felipe & Raveau, Sebastián, 2018. "Identifying the presence of heterogeneous discrete choice heuristics at an individual level," Journal of choice modelling, Elsevier, vol. 28(C), pages 28-40.
- Jourdain, Damien & Lairez, Juliette & Striffler, Bruno & Affholder, François, 2020. "Farmers’ preference for cropping systems and the development of sustainable intensification: a choice experiment approach," Review of Agricultural, Food and Environmental Studies, Institut National de la Recherche Agronomique (INRA), vol. 101(4), March.
- Ferro, Giuseppe M. & Kovalenko, Tatyana & Sornette, Didier, 2021. "Quantum decision theory augments rank-dependent expected utility and Cumulative Prospect Theory," Journal of Economic Psychology, Elsevier, vol. 86(C).
- Filiz-Ozbay, Emel & Guryan, Jonathan & Hyndman, Kyle & Kearney, Melissa & Ozbay, Erkut Y., 2015.
"Do lottery payments induce savings behavior? Evidence from the lab,"
Journal of Public Economics, Elsevier, vol. 126(C), pages 1-24.
- Emel Filiz-Ozbay & Jonathan Guryan & Kyle Hyndman & Melissa Schettini Kearney & Erkut Y. Ozbay, 2013. "Do Lottery Payments Induce Savings Behavior: Evidence from the Lab," NBER Working Papers 19130, National Bureau of Economic Research, Inc.
- Li, Baibing & Hensher, David A., 2017. "Risky weighting in discrete choice," Transportation Research Part B: Methodological, Elsevier, vol. 102(C), pages 1-21.
- Kpegli, Yao Thibaut & Corgnet, Brice & Zylbersztejn, Adam, 2023.
"All at once! A comprehensive and tractable semi-parametric method to elicit prospect theory components,"
Journal of Mathematical Economics, Elsevier, vol. 104(C).
- Yao Thibaut Kpegli & Brice Corgnet & Adam Zylbersztejn, 2020. "All at Once! A Comprehensive and Tractable Semi-Parametric Method to Elicit Prospect Theory Components," Working Papers halshs-03016517, HAL.
- Yao Thibaut Kpegli & Brice Corgnet & Adam Zylbersztejn, 2020. "All at Once! A Comprehensive and Tractable Semi-Parametric Method to Elicit Prospect Theory Components," Working Papers 2034, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
- Abdellaoui, Mohammed & Kemel, Emmanuel & Panin, Amma & Vieider, Ferdinand M., 2019.
"Measuring time and risk preferences in an integrated framework,"
Games and Economic Behavior, Elsevier, vol. 115(C), pages 459-469.
- Mohammed Abdellaoui & Emmanuel Kemel & Amma Panin & Ferdinand Vieider, 2019. "Measuring time and risk preferences in an integrated framework," Post-Print hal-03329772, HAL.
- Li, Zheng, 2018. "Unobserved and observed heterogeneity in risk attitudes: Implications for valuing travel time savings and travel time variability," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 112(C), pages 12-18.
- Damien Jourdain1,2,3 & Juliette Lairez4,5 & Bruno Striffler & François Affholder, 2020. "Farmers’ preference for cropping systems and the development of sustainable intensification: a choice experiment approach," Review of Agricultural, Food and Environmental Studies, INRA Department of Economics, vol. 101(4), pages 417-437.
- Chorus, Caspar G., 2015. "Models of moral decision making: Literature review and research agenda for discrete choice analysis," Journal of choice modelling, Elsevier, vol. 16(C), pages 69-85.
More about this item
Keywords
Multiple heuristics; Process rules; Risk attitude; Perceptual conditioning; Extended expected utility theory; Extremeness aversion; Fully compensatory choices; Toll road choices; Value of travel time savings;All these keywords.
Statistics
Access and download statisticsCorrections
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:transa:v:111:y:2018:i:c:p:316-325. 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.elsevier.com/wps/find/journaldescription.cws_home/547/description#description .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.