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Integrating attribute non-attendance and value learning with risk attitudes and perceptual conditioning

Camila Balbontin, David Hensher () and Andrew Collins

Transportation Research Part E: Logistics and Transportation Review, 2017, vol. 97, issue C, 172-191

Abstract: This 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.

Keywords: Multiple heuristics; Risk attitudes; Perceptual conditioning; Overt experience; Behavioural refinements; Combined heuristics approach; Probabilistic decision process (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1016/j.tre.2016.11.002

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