On the role of recognition in consumer choice: A model comparison
Journal Title: Judgment and Decision Making - Year 2014, Vol 9, Issue 1
Abstract
One prominent model in the realm of memory-based judgments and decisions is the recognition heuristic. Under certain preconditions, it presumes that choices are based on recognition in a one-cue non-compensatory manner and that other information is ignored. This claim has been studied widely—and received, at best, mixed support—in probabilistic inferences. By contrast, only a small number of recent investigations have taken the RH to the realm of preferential decisions (i.e. consumer choice). So far, the conclusion has been that the RH cannot satisfactorily account for aggregate data patterns, but no fully specified alternative model has been demonstrated to provide a better account. Herein, the data from a recent consumer-choice study (Thoma & Williams, 2013) are re-analyzed with the outcome-based maximum-likelihood strategy classification method, thus testing several competing models on individual data. Results revealed that an alternative compensatory model (an equal weights strategy) accounted best for a larger number of datasets than the RH. Thereby, the findings further specify prior results and answer the call for comparative model testing on individual data that has been voiced repeatedly.
Authors and Affiliations
Benjamin E. Hilbig
Keywords
Related Articles
- EP ID EP678108
- DOI -
- Views 137
- Downloads 0
When being wasteful appears better than feeling wasteful
“Waste not want not” expresses our culture’s aversion to waste. “I could have gotten the same thing for less” is a sentiment that can diminish pleasure in a transaction. We study people’s willingness to “pay” to avoid th...
Further evidence for the memory state heuristic: Recognition latency predictions for binary inferences
According to the recognition heuristic (RH), for decision domains where recognition is a valid predictor of a choice criterion, recognition alone is used to make inferences whenever one object is recognized and the other...
Is there evidence of publication biases in JDM research?
It is a long known problem that the preferential publication of statistically significant results (publication bias) may lead to incorrect estimates of the true effects being investigated. Even though other research area...
Memory reflected in our decisions: Higher working memory capacity predicts greater bias in risky choice
The current study looks at the role working memory plays in risky-choice framing. Eighty-six participants took the Automatic OSPAN, a measurement of working memory; this was followed by a risky-choice framing task. Parti...
Pair-wise comparisons of multiple models
Often research in judgment and decision making requires comparison of multiple competing models. Researchers invoke global measures such as the rate of correct predictions or the sum of squared (or absolute) deviations o...