Case-Based Reasoning and Dynamic Choice Modeling

Priya Thomas and Todd Guilfoos

Land Economics, 2023, vol. 99, issue 1, 103-121

Abstract: Estimating discrete choices under uncertainty typically rely on assumptions of expected utility theory. We build on the dynamic choice modeling literature by using a nonlinear case-based reasoning approach based on cognitive processes and forms expectations by comparing the similarity between past problems and the current problem faced by a decision maker. This study provides a proof of concept of a behavioral model of location choice applied to recreational fishers’ location choice behavior in Connecticut. We find the case-based decision model does well in explaining the observed data and provides value in explaining the dynamic value of attributes.

JEL-codes: C25 Q22 (search for similar items in EconPapers)
Date: 2023
Note: DOI: 10.3368/le.120820-0183R1
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Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:99:y:2023:i:1:p:103-121

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