Abstract
The traditional compensatory multi-attribute model persists in being inconsistent with empirical findings. It is suggested here that the model is based on a number of significant conceptual simplifications. Although the individual choice behavior is partially characterized by randomness, the model attempts to reveal the underlying deterministic rationale of the choice behavior, abstracted from random fluctuations. If such a model is conceptually false then no stochastic refinement can validate it, although some statistical tests might be improved slightly. We need a different kind of deterministic choice rationale, a new paradigm, capable of explaining and predicting those changes, intransitivities and inconsistencies of the individual choice behavior for which we currently have only a stochastic explanation. Such a methodology can then be further refined via stochastic extension. The model presented here is designed to explain and predict changes in individual choice behavior under varying conditions of choice.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
