Choice, Decision, and Measurement
Choice, Decision, and Measurement

Author: A.A.J. Marley

Publisher: Routledge

Published: 2019-05-23

Total Pages: 489

ISBN-13: 1317729412

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This volume is the result of a conference held at the University of California, Irvine, on the topics that provide its title -- choice, decision, and measurement. The conference was planned, and the volume prepared, in honor of Professor R. Duncan Luce on his 70th birthday. Following a short autobiographical statement by Luce, the volume is organized into four topics, to each of which Luce has made significant contributions. The book provides an overview of current issues in each area and presents some of the best recent theoretical and empirical work. Personal reflections on Luce and his work begin each section. These reflections were written by outstanding senior researchers: Peter Fishburn (Preference and Decision Making), Patrick Suppes (Measurement Theory and Axiomatic Systems), William J. McGill (Psychophysics and Reaction Time), and W.K. Estes (Choice, Identification and Categorization). The first section presents recent theoretical and empirical work on descriptive models of decision making, and theoretical results on general probabilistic models of choice and ranking. Luce's recent theoretical and empirical work on rank- and sign-dependent utility theory is important in many of these contributions. The second section presents results from psychophysics, probabilistic measurement, aggregation of expert opinion, and test theory. The third section presents various process oriented models, with supportive data, for tasks such as redundant signal detection, forced choice, and absolute identification. The final section contains theory and data on categorization and attention, and general theoretical results for developing and testing models in these domains.

Human preferences and risky choices
Human preferences and risky choices

Author: Petko Kusev

Publisher: Frontiers E-books

Published: 2012

Total Pages: 69

ISBN-13: 2889190560

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"There are different views on what preferences for risks are and whether they are indicators of stable, underlying generic cognitive systems. Preferences could be conceived as an attitude towards a set of properties of context, memory and affect - a gauge of how much uncertainty one is willing to tolerate. This Research Topic aims to initiate a discussion on the stability of preferences for risks - as research has shown that different decision domains, response modes, and framing facilitate preference reversals. A consistent claim from behavioural decision researchers is that, contrary to the assumptions of classical economics, preferences are not stable and inherent constructs in individuals but are modified by levels of accessibility in memory, context, decision complexity, and type of psychological processing (e.g., sampling or computational "trade-offs" in processing). For example, in a sampling-based decision-making paradigm it is argued that preferences are not essential for making risky decisions. The existing theoretical and empirical evidence reveals that human preferences are relative and unstable, undermining the predictions of normative theory. Recent theoretical accounts in psychology have expanded the debate further by offering evolutionary models of decision-making under risk. While most of the researcher has explored optimisation goals (traditionally assumed in economics), evolutionary psychology has promoted adaptation-driven processes for risky choices. Moreover, we have witnessed a renaissance of preferences as affect rather than as a construct with psycho-economical properties. Although behavioural decision research is still engaged in challenging the foundation of economic theory, at present, opinions seem less unified as to whether preferences reflect common psychological constructs. The Research Topic will focus on human preferences and risky choices. Topics include: Normative, descriptive and experience-based decision making, Preference reversals, Accessibility in memory, Context dependence, Psychological processing (including i) probabilities, utilities, computations and 'trade-offs', and ii) sampling), Affect, and Evolutionary accounts." -- Provided by publisher.

Strategy and Choice
Strategy and Choice

Author: Richard Zeckhauser

Publisher: MIT Press

Published: 1991

Total Pages: 418

ISBN-13: 9780262240338

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These essays by contributors from disciplines ranging from economics to psychology present the most significant advances in strategic choice theory. In three parts the book addresses many-player, few-player and one-player situations.

Preference Heterogeneity and Willingness-To-Pay for Organic Food Products in Germany
Preference Heterogeneity and Willingness-To-Pay for Organic Food Products in Germany

Author: Rebecca Illichmann

Publisher: Cuvillier Verlag

Published: 2014-03-07

Total Pages: 278

ISBN-13: 3736946457

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Over the last decade, the market for organic food products in Germany has grown steadily, as consumers become increasingly aware of credence characteristics of food products. The primary goal of this study is to integrate psychometric data into a choice experiment to examine preference heterogeneity among consumers and their willingness-to-pay for organic products. In particular, the role of trust and gender are considered in analysing both preferences and willingness-to-pay for organic products. The results of the mixed logit models reveal significant heterogeneity in preferences among consumers for the products examined. The second focus of this study is the effect of starting point bias on the willingness-to-pay estimates obtained. The use of different prices in the first choice set results in different distributions of choices and significantly different preferences and willingness-to-pay estimates in two otherwise identical choice set designs. The results of the latent class models indicate that consumers’ trust perceptions tend to significantly influence their preferences for organic food products. The findings of this study indicate that some consumer groups are willing to pay high price premiums for specific organic food products and, to some extent, for locally produced food. As there is consumer segmentation based on varying levels of trust and due to the heterogeneous preferences of the consumers, organic food marketing should increase its use of suitable communication strategies concerning quality attributes.

Philosophy and Science of Risk
Philosophy and Science of Risk

Author: Isabelle Peschard

Publisher: Taylor & Francis

Published: 2022-11-15

Total Pages: 302

ISBN-13: 0429657390

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What is risk? How do we assess risk? What are the ethical implications of risk? The concept of risk is important – sometimes even crucial – for many philosophical domains, from philosophy of science and technology to ethics and sustainability. Philosophy and Science of Risk is a clear, wide-ranging introduction to this urgent and fast-growing subject. It covers the following key topics: • The philosophical and historical background to understanding and interpreting risk • The meaning of risk and how it differs from closely related concepts, such as uncertainty or dangers • The social construction of risk • Risk perception and risk as an object of scientific study • The measurement of risk, its probability and severity • Risk and scientific modeling • Risk, value judgments, and expertise • Risk management, including cost-benefit analysis and the precautionary approach • Risk communication, including deliberative models • Ethics of risk, including duties toward nonhuman animals and future generations • Risk and sustainability • Decision-making under risk Including helpful additional features such as text boxes, chapter summaries, review, and discussion questions, Philosophy and Science of Risk: An Introduction is an ideal textbook for students of the philosophy of risk. It is also suitable for students studying the conceptual questions surrounding risk in related subjects, such as sociology, psychology, economics, politics, geography, sustainability, and environmental studies.

The Environment and Emerging Development Issues: Volume 1
The Environment and Emerging Development Issues: Volume 1

Author: Partha Dasgupta

Publisher: Clarendon Press

Published: 1997-03-13

Total Pages: 288

ISBN-13: 0191544493

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Two and a half billion people are affected directly on a day to day basis by the allocation and use of primary local resources. Yet `official' development economics has concentrated on headline international issues and only recently begun to take account of the dependence of poor countries on their natural resources, the link between acute poverty and environmental degradation, and the problems associated with the management of local common property such as soil and soil cover, water, forests and their products, animals and fisheries. In these volumes, which are part of the WIDER programme on the Economics for the Environment, expert contributors provide a set of authoritative studies of emerging development issues, ranging from foundational matters to case studies, original research (in areas where there has been a paucity of work) to survey papers. They address both analytic and empirical issues on the role of environmental resources in the development process, presenting explanations of existing situations and policies for the future. A wealth of interests and backgrounds is represented, and reflected in the cross-fertilization between papers.

Consumer Perception of Product Risks and Benefits
Consumer Perception of Product Risks and Benefits

Author: Gerard Emilien

Publisher: Springer

Published: 2017-03-14

Total Pages: 600

ISBN-13: 3319505300

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This book reflects the current thinking and research on how consumers’ perception of product risks and benefits affects their behavior. It provides the scientific, regulatory and industrial research community with a conceptual and methodological reference point for studies on consumer behavior and marketing. The contributions address various aspects of consumer psychology and behavior, risk perception and communication, marketing research strategies, as well as consumer product regulation. The book is divided into 4 parts: Product risks; Perception of product risks and benefits; Consumer behavior; Regulation and responsibility.