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Multi-attribute decision by sampling : an account of the attraction, compromise and similarity effects
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Ronayne, David and Brown, G. D. A. (Gordon D. A.) (2017) Multi-attribute decision by sampling : an account of the attraction, compromise and similarity effects. Journal of Mathematical Psychology, 81 . pp. 11-27. doi:10.1016/j.jmp.2017.08.005
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Official URL: https://doi.org/10.1016/j.jmp.2017.08.005
Abstract
Consumers’ choices are typically influenced by the choice context in ways that standard models cannot explain. We provide a concise explanation of the attraction, compromise and similarity effects. The model, Multi-Attribute Decision by Sampling (MADS), posits that the evaluation of a choice option is based on its relative position in the market distribution as first inferred and then sampled by the decision-maker. The inferred market distribution is assumed to be systematically influenced by the choice options. The value of a choice option is assumed to be determined by the number of sampled comparators that the option dominates. We specify conditions on the sampling distribution that are sufficient for MADS to predict the three context effects. We tested the model using a novel experimental design with 1200 online participants. In the first experiment, prior to making a choice participants were shown a selection of market options designed to change their beliefs about the market distribution. Participants’ subsequent choices were affected as predicted. The effect was strong enough to impact the size of two of the three classic context effects significantly. In the second experiment, we elicited individuals’ estimates of distributions of market options and found the estimates to be systematically influenced by the choice set as predicted by the model. It is concluded that MADS, a model based on simple binary ordinal comparisons, is sufficient to account for the three classic context effects.Consumers’ choices are typically influenced by the choice context in ways that standard models cannot explain. We provide a concise explanation of the attraction, compromise and similarity effects. The model, Multi-Attribute Decision by Sampling (MADS), posits that the evaluation of a choice option is based on its relative position in the market distribution as first inferred and then sampled by the decision-maker. The inferred market distribution is assumed to be systematically influenced by the choice options. The value of a choice option is assumed to be determined by the number of sampled comparators that the option dominates. We specify conditions on the sampling distribution that are sufficient for MADS to predict the three context effects. We tested the model using a novel experimental design with 1200 online participants. In the first experiment, prior to making a choice participants were shown a selection of market options designed to change their beliefs about the market distribution. Participants’ subsequent choices were affected as predicted. The effect was strong enough to impact the size of two of the three classic context effects significantly. In the second experiment, we elicited individuals’ estimates of distributions of market options and found the estimates to be systematically influenced by the choice set as predicted by the model. It is concluded that MADS, a model based on simple binary ordinal comparisons, is sufficient to account for the three classic context effects.
| Item Type: | Journal Article | |||||||||
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| Subjects: | H Social Sciences > HF Commerce | |||||||||
| Divisions: | Faculty of Social Sciences > Economics | |||||||||
| SWORD Depositor: | Library Publications Router | |||||||||
| Library of Congress Subject Headings (LCSH): | Consumers' preferences -- Psychological aspects -- Mathematical models -- Testing | |||||||||
| Journal or Publication Title: | Journal of Mathematical Psychology | |||||||||
| Publisher: | Elsevier | |||||||||
| ISSN: | 0022-2496 | |||||||||
| Official Date: | December 2017 | |||||||||
| Dates: |
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| Volume: | 81 | |||||||||
| Page Range: | pp. 11-27 | |||||||||
| DOI: | 10.1016/j.jmp.2017.08.005 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Publisher Statement: | ** Embargo End Date: 07-09-2017 ** From Crossref via Jisc Publications Router. ** Licence for vor version of this article starting on 07-09-2017: http://creativecommons.org/licenses/by/4.0/ | |||||||||
| Access rights to Published version: | Open Access | |||||||||
| RIOXX Funder/Project Grant: |
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