Choice Construction Versus Preference Construction
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Choice Construction Versus Preference Construction
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Author : On Amir
language : en
Publisher:
Release Date : 2011
Choice Construction Versus Preference Construction written by On Amir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Preference consistency implies that people have learned their willingness to trade off attributes. We argue that this is not necessarily the case. Instead, we show that when preferences are learned in context (e.g., through repeated choices made from a trinary choice set that includes an asymmetrically dominated decoy), people learn a context specific choice heuristic (e.g., always the asymmetrically dominating option), which leads to less consistent preferences across contexts. In contrast, repeated choices from sets containing only two options impel people to learn their subjective attribute weights, yielding preferences that are consistent across contexts. The difference between choice construction and preference construction is of importance to marketing managers because repeat purchase is typically interpreted as a signal of customer preference. We show that this preference might just be a learned solution to the choice problem, and that as soon as the competitive context changes (in a normatively meaningless way), so will consumers' preferences.
The Construction Of Preference
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Author : Sarah Lichtenstein
language : en
Publisher: Cambridge University Press
Release Date : 2006-08-28
The Construction Of Preference written by Sarah Lichtenstein and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-28 with Psychology categories.
One of the main themes that has emerged from behavioral decision research during the past three decades is the view that people's preferences are often constructed in the process of elicitation. This idea is derived from studies demonstrating that normatively equivalent methods of elicitation (e.g., choice and pricing) give rise to systematically different responses. These preference reversals violate the principle of procedure invariance that is fundamental to all theories of rational choice. If different elicitation procedures produce different orderings of options, how can preferences be defined and in what sense do they exist? This book shows not only the historical roots of preference construction but also the blossoming of the concept within psychology, law, marketing, philosophy, environmental policy, and economics. Decision making is now understood to be a highly contingent form of information processing, sensitive to task complexity, time pressure, response mode, framing, reference points, and other contextual factors.
Values And Preferences
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Author : Caleb Warren
language : en
Publisher:
Release Date : 2015
Values And Preferences written by Caleb Warren and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Extensive research in the values and preferences literature suggests that preferences are sensitive to context and calculated at the time of choice. This has led to the view that preferences are constructed. Recent work calls for a better understanding of when preferences are constructed and when they are not. We contend that the answer to this question depends on the meaning of the term constructed. Constructed can mean that a preference changes across contexts. If construction is synonymous with context sensitivity, we contend that preferences are always constructed because context influences nearly every aspect of the judgment and choice process. As a motivating example, we show that preferences are influenced by goals and goals are highly context sensitive. Constructed, however, can mean instead that a preference is calculated or formulated during the judgment and choice process. If construction is synonymous with calculation, we contend that many preferences are calculated and the more important question is to what degree preferences are calculated. We review the literature that shows that the degree to which decision makers calculate preferences is influenced by goals, cognitive constraints, and experience.
On The Preference Construction Process And The Mental Calculus
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Author : Frances Galliano Hollman
language : en
Publisher:
Release Date : 1998
On The Preference Construction Process And The Mental Calculus written by Frances Galliano Hollman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
The Rationality Of Preference Construction And The Irrationality Of Rational Choice
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Author : Claire A. Hill
language : en
Publisher:
Release Date : 2008
The Rationality Of Preference Construction And The Irrationality Of Rational Choice written by Claire A. Hill and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Economists typically assume that preferences are fixed - that people know what they like and how much they like it relative to all other things, and that this rank-ordering is stable over time. But this assumption has never been accepted by any other discipline. Economists are increasingly having difficulty arguing that the assumption is true enough to generate useful predictions and explanations. Indeed, law and economics scholars increasingly acknowledge that preferences are constructed, and that the law itself can help construct preferences. Still, fixed preferences are often treated as a normative ideal: Even if people don't have fixed preferences, they should. Behavioral law and economics scholars offer approaches to deal with this normative shortcoming. My article argues that preference construction, properly understood, is not normatively undesirable. Having fixed preferences means having a complete and stable rank ordering of what we want that dictates our choices. But we often do not have such an ordering, and rationally so. My article argues instead for an alternative process-based, account of preference construction. Rather than having a complete rank ordering, we have ways of making choices. We construct narratives, using evaluative criteria against a backdrop of wants, desires and inclinations, some of which we rank order and some of which we do not. The evaluative criteria embed a consideration of transaction costs: critically, where a decision is not very consequential, a formulaic decision rule that permits a ready choice among roughly comparable alternatives may serve our purposes better than a more considered alternative-by-alternative assessment. Our wants, desires and inclinations are for both traditional objects of choice and higher order values and desires; they are both previously constructed and constructed and elicited in the choice-making process. My article makes the case for such an account's potential explanatory power, as well as its tractability.
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Author :
language : en
Publisher:
Release Date : 2006
written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Preference Construction Habits
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Author : Itamar Simonson
language : en
Publisher:
Release Date : 2019
Preference Construction Habits written by Itamar Simonson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We propose that choice constructions strategies often meet the criteria for “habits.” As an example of a constructed preference habit, we focus on extremeness aversion, or the tendency to prefer a middle or “compromise” option versus an “extreme” option from a given options set. We present evidence that some consumers appear to have a habitual tendency to avoid extreme options that is: 1) partly heritable; 2) formed in childhood; and 3) moderated by age and personality traits such as preference for moderation. We discuss the implications of the notion of preference-construction habits and future research directions.
Restoring Consumer Sovereignty
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Author : Adrian Kuenzler
language : en
Publisher: Oxford University Press
Release Date : 2017-08-18
Restoring Consumer Sovereignty written by Adrian Kuenzler and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-18 with Law categories.
In today's highly concentrated marketplaces, social and cultural values--such as the lifestyle connotations that manufacturers and sellers confer upon their goods--often shape consumers' prior beliefs and attitudes and affect the weight given to new information by consumers who make purchasing decisions in the marketplace. Such consumer goods present the largely unexplored problem of contemporary market regulatory theory according to which an increased amount of product differentiation has rendered everyday purchasing decisions such as the choice between an iPhone or a Samsung Galaxy Note as much a matter of personal identity rather than merely one of tangible product attributes. The basic challenge for market regulators and courts in such an environment is to make markets work effectively by providing a more efficient exchange of information about consumer preferences relating to tangible product features, functions, and quality. This book demonstrates that improved legal policy can assist consumers and increase market efficiency. It acknowledges that once particular beliefs held by consumers have become culturally or socially entrenched, they are very difficult to change. What is more, changing such beliefs is no longer simply a matter of educating people through the provision of additional information. Developing a novel framework through a detailed analysis of case law relating to consumer goods markets, this book delivers an accessible introduction to the law and economics of consumer decision-making, and a forceful critique of contemporary market regulatory policy.
Attribute Processing Heuristics And Preference Construction In Choice Analysis
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Author : David Alan Hensher
language : en
Publisher:
Release Date : 2009
Attribute Processing Heuristics And Preference Construction In Choice Analysis written by David Alan Hensher and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Choice (Psychology) categories.
Functional Thinking For Value Creation
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Author : Jürgen Hesselbach
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-03-18
Functional Thinking For Value Creation written by Jürgen Hesselbach and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-18 with Technology & Engineering categories.
After the IPS2 conferences in Cranfield and Linköping in 2009 and 2010 the 3rd CIRP International Conference on Industrial Product Service Systems (IPS2) 2011 takes place in Braunschweig, Germany. IPS2 itself is defined as “an integrated industrial product and service offering that delivers value in use”. The customers expect comprehensive solutions, which are adapted to their individual needs. IPS2 offers the possibility to stand out from competition and for long-term customer loyalty. Particularly in times of economic crisis it becomes apparent which producing companies understand to satisfy the needs and requirements of their customers. Especially in this relatively new domain IPS2 it will be important to keep track of the whole context and to seek cooperation with other research fields and disciplines. The 3rd CIRP International Conference on Industrial Product Service Systems (IPS2) 2011 serves as a platform for such collaborations and the discussion of new scientific ideas.