Extended Framework for Modeling Choice Behavior View Full Text


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Article Info

DATE

1999-08

AUTHORS

Moshe Ben-Akiva, Daniel McFadden, Tommy Gärling, Dinesh Gopinath, Joan Walker, Denis Bolduc, Axel Börsch-Supan, Philippe Delquié, Oleg Larichev, Taka Morikawa, Amalia Polydoropoulou, Vithala Rao

ABSTRACT

We review the case against the standard model of rational behavior and discuss the consequences of various ‘anomalies’ of preference elicitation. A general theoretical framework that attempts to disentangle the various psychological elements in the decision-making process is presented. We then present a rigorous and general methodology to model the theoretical framework, explicitly incorporating psychological factors and their influences on choices. This theme has long been deemed necessary by behavioral researchers, but is often ignored in demand models. The methodology requires the estimation of an integrated multi-equation model consisting of a discrete choice model and the latent variable model system. We conclude with a research agenda to bring the theoretical framework into fruition. More... »

PAGES

187-203

References to SciGraph publications

  • 1992-10. Advances in prospect theory: Cumulative representation of uncertainty in JOURNAL OF RISK AND UNCERTAINTY
  • 1997-07. Modeling Methods for Discrete Choice Analysis in MARKETING LETTERS
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1023/a:1008046730291

    DOI

    http://dx.doi.org/10.1023/a:1008046730291

    DIMENSIONS

    https://app.dimensions.ai/details/publication/pub.1014264380


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