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Risks of observable and unobservable biases in artificial intelligence predicting consumer choice
Teleaba, Florian; Popescu, Sorin; Olaru, Marieta; … - In: Amfiteatru economic : an economic and business research … 23 (2021) 56, pp. 102-119
Companies are increasingly adopting Artificial Intelligence (AI) today. Recently however debates started over the risk of human cognitive biases being replicated (and scaled) by AI. Research on biases in AI predicting consumer choice is incipient and focuses on observable biases. We provide a...
Persistent link: https://www.econbiz.de/10012821258
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Consumer Choice Rule While Examing Similar Consumption Bundles : Rational Choice to Behavioural Bias
Vikramaditya, Vibhu - 2021
exist in decision making. The study also tries to recognize the prime factors responsible for directing the consumer …’s purchasing decision towards the commodity. The study finds out that the Behavioural traits influence the decision-making approach … while purchasing the commodity and how prominent factors direct the consumer decision …
Persistent link: https://www.econbiz.de/10013237102
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Decision Making Under Uncertainty : The Relation between Economic Preferences and Psychological Personality Traits
Schröder, David - 2020
Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on …
Persistent link: https://www.econbiz.de/10012851581
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Axiom preferences and choice mistakes under risk
Herweg, Fabian; Hippel, Svenja; Müller, Daniel; … - 2024
preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly …
Persistent link: https://www.econbiz.de/10014578322
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Axiom preferences and choice mistakes under risk
Herweg, Fabian; Hippel, Svenja; Müller, Daniel; … - 2024
preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly …
Persistent link: https://www.econbiz.de/10014556632
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Order Effects in Eliciting Preferences
Kopsacheilis, Orestis; Goerg, Sebastian J. - 2023
Having an accurate account of preferences help governments design better policies for their citizens, organizations develop more efficient incentive schemes for their employees and adjust their product to better suit their clients' needs. The plethora of elicitation methods most commonly used...
Persistent link: https://www.econbiz.de/10014346015
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Additive-Belief-Based Preferences
Dillenberger, David; Raymond, Collin - 2020
We introduce a new class of preferences — which we call additive-belief-based (ABB) —that captures a general and yet tractable approach to belief-based utility, and that encompasses many popular models in the behavioral literature. We show that the general class of ABB preferences and two...
Persistent link: https://www.econbiz.de/10014096033
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Strength of preference and decisions under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2022 - Revised version, February 2022
Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...
Persistent link: https://www.econbiz.de/10013040909
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2021 - Revised version
Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and willingness-to-accept valuations. The results are frequently at odds, casting doubts on the foundations of economics. We develop a stochastic choice model predicting when...
Persistent link: https://www.econbiz.de/10012604712
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Indifference, indecisiveness, experimentation and stochastic choice
Ok, Efe A.; Tserenjigmid, Gerelt - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 2, pp. 651-686
Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...
Persistent link: https://www.econbiz.de/10013273770