HighlightsEstimate model with multiple decision process strategies and behavioural components.Individuals apply multiple decision process strategies simultaneously.Willingness to pay estimates lower when all behavioural components included.Approach provides richer understanding of individual choice behaviour.
AbstractThis study integrates multiple decision process strategies (Attribute Non-Attendance and Value Learning) with risk attitudes, perceptual conditioning and overt experience, which, to the best of our knowledge, has not been done before. We propose a way to include multiple heuristics as an alternative to current dominant paradigms, which supports a behavioural view that more than one heuristic simultaneously is at play in attribute and alternative processing. Our results show that including multiple decision process strategies, and integrating of all these components, significantly improves the model’s performance and enhances our understanding of how preferences are made.
Integrating attribute non-attendance and value learning with risk attitudes and perceptual conditioning
2016-11-07
20 pages
Article (Journal)
Electronic Resource
English
Attribute non-attendance in choosing the bike as a transport mode in Belgium
DOAJ | 2020
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