The aim of this paper is to present and test a crucial building block for a regret minimization based choice set formation model, in that it presents a regret based benefit measure for the value associated with adding an alternative to one׳s choice set. By doing so, the paper contributes to...

Motivated by the notion that consumers' use of the internet creates a wealth of data on information search, we put forward the idea that observed information searches may be used for deriving consumer preferences. First, we derive a theoretical model of consumer behaviour under uncertainty and...