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Multi-attribute decision by sampling: an account of the attraction, compromise and similarity effects

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 ...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's Version

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Publisher copy:
10.1016/j.jmp.2017.08.005

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Department:
Oxford, SSD, Economics
Role:
Author
Publisher:
Elsevier Publisher's website
Journal:
Journal of Mathematical Psychology Journal website
Volume:
81
Pages:
11-27
Publication date:
2017-09-21
Acceptance date:
2017-08-28
DOI:
ISSN:
0022-2496
Pubs id:
pubs:725825
URN:
uri:a99c0b1e-2e7c-4d9e-a3d4-1cfb196f38ba
UUID:
uuid:a99c0b1e-2e7c-4d9e-a3d4-1cfb196f38ba
Local pid:
pubs:725825

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