Modeling bounded rationality in choice behavior: Relative utility vs. random regret models

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Abstract

To better understand individuals’ decision behavior, bounded rational decision models are getting increasingly more attention. This paper reviews relative utility and random regret models, which both assert that the performance of the considered alternative is dependent on the attributes of one or more foregone alternatives in the choice set. This property of the models is called context dependency. Differences and similarities between the models are outlined, new developments and applications are presented and finally future improvements are discussed.
Original languageEnglish
Title of host publication13th International Conference on Design and Decision Support Systems in Architecture and Urban Planning
EditorsHarry Timmermans
Number of pages10
Publication statusPublished - 2016
Event13th International Conference on Design and Decision Support Systems in Architecture and Urban Planning, DDSS 2016 - PSV Stadion, Eindhoven, Netherlands
Duration: 27 Jun 201628 Jun 2016
Conference number: 13
http://2016.ddss.nl/index.menu/intro
http://2016.ddss.nl/

Conference

Conference13th International Conference on Design and Decision Support Systems in Architecture and Urban Planning, DDSS 2016
Abbreviated titleDDSS 2016
CountryNetherlands
CityEindhoven
Period27/06/1628/06/16
Internet address

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