Economics at your fingertips  

Vehicle Purchasing Behaviour of Individuals and Groups: Regret or Reward?

Matthew J. Beck, Caspar Chorus, John Rose () and David Hensher ()

Journal of Transport Economics and Policy, 2013, vol. 47, issue 3, 475-492

Abstract: Random utility maximisation is the pre-eminent behavioural theory used to model choices. An alternative paradigm, however, is random regret minimisation. While the majority of the literature examines the choices of individuals, this paper compares the choices of groups, as well as individuals, in both the utility maximisation and regret minimisation frameworks, and explores the influence household members have with respect to an automobile purchase decision within an interactive agency choice experiment. Regret minimisation is shown to be the preferred behavioural mechanism for groups and individuals within groups who shoulder a high degree of responsibility for the choice of the group. © 2013 LSE and the University of Bath

Date: 2013
References: Add references at CitEc
Citations: View citations in EconPapers (10) Track citations by RSS feed

Downloads: (external link) ... 0130901)47:3L.475;1- (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

Journal of Transport Economics and Policy is currently edited by B T Bayliss, S A Morrison, A Smith and D Graham

More articles in Journal of Transport Economics and Policy from University of Bath
Bibliographic data for series maintained by Christopher F. Baum ().

Page updated 2020-02-08
Handle: RePEc:tpe:jtecpo:v:47:y:2013:i:3:p:475-492