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subsequent times learns to behave as prescribed by the expected-utility model. To do so, the analysis moves from the relevant …), and this is true to a greater extent in a complex context. The expected-utility model explains real behaviours in the long …
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Discrete choice models are usually derived from the assumption of random utility maximization. We consider the reverse … the test with the fewest maintaned hypotheses rejects the hypothesis of random utility maximization …
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', SWB has recently been compared to 'decision utility' using specific experiments, most often based on stated preferences …Subjective well-being (SWB) data is increasingly used to perform welfare analyses. Interpreted as 'experienced utility …
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We build a satisficing model of probabilistic choice under risk which embeds Expected Utility Theory (EUT) into a … boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by …
Persistent link: https://www.econbiz.de/10012950944
This study aims to investigate the potential consumer-specific driver for decision rules between utility maximization … or regret minimization in discrete choice modeling to gain a better understanding of consumers' decision process, while … utility maximizers while prevention-focused consumers, who are inclined to minimize negative outcomes, are more likely to be …
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utility model where a decision component is cognitively activated if the utility variation caused by the component's levels …We introduce a utility theory-based model of consumers' mental representation of attributes and benefits in decisions … decision components in mental representations. The gains are that with every component the individual is better able to …
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