Individuals' Decisions in the Presence of Multiple Goals
Wiktor Adamowicz (),
Bas Donkers (),
Anthony Marley and
No ERS-2017-007-MKT, ERIM Report Series Research in Management from Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam
This paper develops new directions on how individuals’ use of multiple goals can be incorporated in econometric models of individual decision making. We start by outlining key components of multiple, simultaneous goal pursuit and multi-stage choice. Since different goals are often only partially compatible, such a multiple goal-based approach implies balancing goals, leading to a deliberate goal-level choice strategy on the part of the decision maker. Accordingly, we introduce a conceptual framework to classify different aspects of individuals’ decisions in the presence of multiple goals. Based on this framework we propose a formalization of individual decision making when pursuing multiple goals. We briefly review different previous streams on goal-based decision making and how the proposed goal-driven conceptual framework relates to earlier research in discrete choice models. The framework is illustrated using examples from different domains, in particular marketing, environmental economics, transportation and sociology. Finally, we discuss identification and modeling needs for goal-based choice strategies and opportunities for further research.
Keywords: Decision making; Goal-based decisions; Multi-stage decisions; Choice Modeling; Goal conflict (search for similar items in EconPapers)
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Journal Article: Individuals’ Decisions in the Presence of Multiple Goals (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:ems:eureri:99018
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