Deriving Attribute Utilities from Mental Representations of Complex Decisions

We propose a new approach to determine the utilities that consumers attach to different attributes in complex decisions. The approach builds on a recently developed model that posits that cognitive links between alternatives and attributes and between attributes and benefits are more likely to be activated in a consumer’s mental representation of a decision if the expected gains of taking into account these links in terms of achieving better choice outcomes are higher. In this paper we derive how this model can be used to determine the utility of attributes directly from mental representations and extend the model to complex decisions with multiple decision dimensions. We illustrate the approach using data on 594 individuals’ means–end chain responses for a hypothetical combined shopping location, shopping timing, and transportation decision problem

Keywords

Utility model
Attribute importance
Consumer decision making
Mental representations
Means-end chains

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.

MEER OVER NETSPAR


Missie en strategie           •           Netwerk           •           Organisatie           •          Podcasts
Board Brief            •            Werkprogramma 2023-2027           •           Onderzoeksagenda

OVER NETSPAR

Onze partners

B20160708_university of groningen
B20160615_pggmgroengrijs_grijswaarden_small
B20211201_Cardano_Logo 2021_website
AFM logo 2023 zwart wit
Bekijk al onze partners