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Vehicle Purchasing Behaviour of Individuals and Groups: Regret or Reward?

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  • Matthew J. Beck
  • Caspar G. Chorus
  • John M. Rose
  • David A. Hensher

Abstract

Random utility maximisation is the pre-eminent behavioural theory used to model choices. An alternative paradigm, however, is random regret minimisation. While the majority of the literature examines the choices of individuals, this paper compares the choices of groups, as well as individuals, in both the utility maximisation and regret minimisation frameworks, and explores the influence household members have with respect to an automobile purchase decision within an interactive agency choice experiment. Regret minimisation is shown to be the preferred behavioural mechanism for groups and individuals within groups who shoulder a high degree of responsibility for the choice of the group. © 2013 LSE and the University of Bath

Suggested Citation

  • Matthew J. Beck & Caspar G. Chorus & John M. Rose & David A. Hensher, 2013. "Vehicle Purchasing Behaviour of Individuals and Groups: Regret or Reward?," Journal of Transport Economics and Policy, University of Bath, vol. 47(3), pages 475-492, September.
    • Handle: RePEc:tpe:jtecpo:v:47:y:2013:i:3:p:475-492
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    Citations

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    Cited by:

    1. David A. Hensher & Chinh Ho & Matthew J. Beck, 2017. "A simplified and practical alternative way to recognise the role of household characteristics in determining an individual’s preferences: the case of automobile choice," Transportation, Springer, vol. 44(1), pages 225-240, January.
    2. Changbiao Liu & Yuling Li, 2023. "Estimation of Rank-Ordered Regret Minimization Models," Computational Economics, Springer;Society for Computational Economics, vol. 62(4), pages 1611-1630, December.
    3. Jungwoo Shin & Taehoon Lim & Moo Yeon Kim & Jae Young Choi, 2018. "Can Next-Generation Vehicles Sustainably Survive in the Automobile Market? Evidence from Ex-Ante Market Simulation and Segmentation," Sustainability, MDPI, vol. 10(3), pages 1-16, February.
    4. Yan, Qianqian & Feng, Tao & Timmermans, Harry, 2023. "A model of household shared parking decisions incorporating equity-seeking household dynamics and leadership personality traits," Transportation Research Part A: Policy and Practice, Elsevier, vol. 169(C).
    5. Beck, Matthew J. & Hess, Stephane, 2016. "Willingness to accept longer commutes for better salaries: Understanding the differences within and between couples," Transportation Research Part A: Policy and Practice, Elsevier, vol. 91(C), pages 1-16.
    6. Ho, Chinh Q. & Mulley, Corinne & Shiftan, Yoram & Hensher, David A., 2016. "Vehicle value of travel time savings: Evidence from a group-based modelling approach," Transportation Research Part A: Policy and Practice, Elsevier, vol. 88(C), pages 134-150.
    7. Soora Rasouli & Harry Timmermans, 2017. "Specification of regret-based models of choice behaviour: formal analyses and experimental design based evidence," Transportation, Springer, vol. 44(6), pages 1555-1576, November.
    8. 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.
    9. Chorus, Caspar G., 2014. "A Generalized Random Regret Minimization model," Transportation Research Part B: Methodological, Elsevier, vol. 68(C), pages 224-238.
    10. 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.
    11. Fernandez Pernett, Stephanie & Amaya, Johanna & Arellana, Julián & Cantillo, Victor, 2022. "Questioning the implication of the utility-maximization assumption for the estimation of deprivation cost functions after disasters," International Journal of Production Economics, Elsevier, vol. 247(C).
    12. 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.

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