In this paper the theory and estimation procedures for several consumer preference models are discussed. Predictive accuracy in the form of internal consistency of these models is compared in an empirical application. Consumer decision situations are classified into two classes: decisions under...

Managers often employ market response models as decision aids and historical information of competitors' market outcomes to aid their competitive decisions in oligopolistic settings. However, little is known about how access to a decision aid or the availability of competitors' market outcomes...

We show how to calibrate a prospect model of decision making under risk for an individual. The prospect model is empirically compared to a utility model on two criteria, verification of the postulates of each model, and predictive accuracy. The empirical comparison is performed via three...