Attribute processing as a behavioural strategy in stated preference choice making

David Hensher and Camila Balbontin

Chapter 12 in Handbook of Choice Modelling, 2024, pp 319-338 from Edward Elgar Publishing

Abstract: Behavioural choice-making is an intricate process that has been typically simplified in the literature and we continue to see relatively little of the decision-processing literature incorporated into mainstream discrete choice modelling which is, increasingly, becoming the preferred empirical context for individual preference measurement. Encouragingly, in recent years we have started to see a growing interest in alternative processing strategies at the attribute, alternative and choice set levels, with empirical evidence suggesting that inclusion of process matters in a non-marginal way, in the determination of important behavioural outputs such as estimates of willingness to pay, elasticities, and predicted choice outcomes. The purpose of this chapter is to review some of the findings and models that have emerged from the literature that might be used to gain an improved understanding of choice making and hence improve the choice modelling process. What we do know is that heuristics and process strategies are part of a growing interest in returning to the study of the underlying behavioural assumptions that influence the way in which decision-makers adopt coping strategies to assist in making what they believe are sensible choices. This chapter also discusses the issues associated with the inclusion of context-dependent heuristics in deriving welfare measures, which suggests an interesting topic for future research.

Keywords: Economics and Finance; Environment; Geography; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2024
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