How Robust is the Theory of Consumer Choice in the Face of Discrete Goods with Multiple Attributes: An Experimental Approach

Tanja F. Blackstone · Mark Van Boening · Michael McKee · E. Elisabet Rutström

0 citations0/0 files storedDefense Technical Information Center (DTIC)

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

The objective of this study is to examine how individuals make choices when faced with discrete multi-attribute goods. Laboratory methods are utilized to obtain controlled experimental data and test specific hypotheses. The main results are that: (a) the relative tradeoff between the attributes is a significant treatment variable, and (b) the majority of experimental subjects adopt heuristics that approximate the optimal solution to a complex linear programming problem. Further, the subjects rarely choose a fixed payoff option with a known payoff and low decision cost, even when the fixed payoff is 80% of the maximum possible under the decision-making task.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Imported from OpenAlex (CC0) — nothing here is generated.