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Predicting Preferences: An Examination of Agent Learning

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  • West, Patricia M

Abstract

Agent decision making occurs when an individual acts as a purchasing agent for another. Effective agent decision making requires that the agent learn to predict the target's preferences. Two experimental studies demonstrate the impact of providing agents veridical feedback. The results further our understanding of interpersonal prediction and learning from experience. Agents who are given the opportunity to learn from their own successes and failures do not exhibit the false consensus effect, or projection, that has been demonstrated in previous research. Any facilitative effect of similarity in tastes on predictive accuracy disappears when feedback is provided. Information theory is used to establish the informational value of individual instances, as well as an overall distribution of feedback. The results of the studies reported in the present article indicate that agents spend significantly more time considering informative than uninformative feedback, which improves their predictive accuracy. Copyright 1996 by the University of Chicago.

Suggested Citation

  • West, Patricia M, 1996. "Predicting Preferences: An Examination of Agent Learning," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 23(1), pages 68-80, June.
    • Handle: RePEc:oup:jconrs:v:23:y:1996:i:1:p:68-80
    DOI: 10.1086/209467
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    Cited by:

    1. Andrew Gershoff & Ashesh Mukherjee & Anirban Mukhopadhyay, 2006. "“I love it” or “I hate it”? The positivity effect in stated preferences for agent evaluation," Marketing Letters, Springer, vol. 17(2), pages 103-117, April.
    2. Weiss-Cohen, Leonardo & Ayton, Peter & Clacher, Iain & Thoma, Volker, 2022. "Pension scheme trustees as surrogate decision makers," Finance Research Letters, Elsevier, vol. 44(C).
    3. Ho, Edward & Kowatsch, Tobias & Ilic, Alexander, 2014. "The Sales Velocity Effect on Retailing," Journal of Interactive Marketing, Elsevier, vol. 28(4), pages 237-256.
    4. Church, Bryan K. & Peytcheva, Marietta & Yu, Wei & Singtokul, Ong-Ard, 2015. "Perspective taking in auditor–manager interactions: An experimental investigation of auditor behavior," Accounting, Organizations and Society, Elsevier, vol. 45(C), pages 40-51.
    5. Bischoff, Ivo & Egbert, Henrik, 2013. "Social information and bandwagon behavior in voting: An economic experiment," Journal of Economic Psychology, Elsevier, vol. 34(C), pages 270-284.
    6. Ivo Bischoff, 2008. "Endowment effect theory, prediction bias and publicly provided goods: an experimental study," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 39(3), pages 283-296, March.
    7. Anyuan Shen & Shuguang Liu, 2016. "Asymmetric dominance and the stability of constructed preferences," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(3), pages 213-222, May.
    8. Benjamin Scheibehenne & Jutta Mata & David Richter, 2018. "Accuracy of Food Preference Predictions in Couples," SOEPpapers on Multidisciplinary Panel Data Research 1003, DIW Berlin, The German Socio-Economic Panel (SOEP).
    9. Bischoff, Ivo & Egbert, Henrik, 2008. "Bandwagon voting or false-consensus effect in voting experiments? First results and methodological limits," Discussion Papers 38, Justus Liebig University Giessen, Center for international Development and Environmental Research (ZEU).
    10. Simonson, Itamar, 2003. "Determinants of Customers' Responses to Customized Offers: Conceptual Framework and Research Propositions," Research Papers 1794, Stanford University, Graduate School of Business.
    11. repec:cup:judgdm:v:11:y:2016:i:3:p:213-222 is not listed on IDEAS
    12. Brenner, Lyle & Bilgin, Baler, 2011. "Preference, projection, and packing: Support theory models of judgments of others' preferences," Organizational Behavior and Human Decision Processes, Elsevier, vol. 115(1), pages 121-132, May.
    13. Spassova, Gerri & Palmeira, Mauricio & Andrade, Eduardo B., 2018. "A ratings pattern heuristic in judgments of expertise: When being right Looks wrong," Organizational Behavior and Human Decision Processes, Elsevier, vol. 147(C), pages 26-47.

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