Process and context in choice models

Moshe Ben-Akiva; André de Palma; Daniel McFadden; Maya Abou-Zeid; Pierre-André Chiappori; Matthieu de Lapparent; Steven N. Durlauf; Mogens Fosgerau; Daisuke Fukuda; Stephane Hess; Charles Manski; Ariel Pakes; Nathalie Picard; Joan Walker

doi:10.1007/s11002-012-9180-7

Process and context in choice models

Moshe Ben-Akiva^*, André de Palma, Daniel McFadden, Maya Abou-Zeid, Pierre-André Chiappori, Matthieu de Lapparent, Steven N. Durlauf, Mogens Fosgerau, Daisuke Fukuda, Stephane Hess, Charles Manski, Ariel Pakes, Nathalie Picard, Joan Walker

^*Corresponding author for this work

Department of Economics

38 Citations (Scopus)

Abstract

We develop a general framework that extends choice models by including an explicit representation of the process and context of decision making. Process refers to the steps involved in decision making. Context refers to factors affecting the process, focusing in this paper on social networks. The extended choice framework includes more behavioral richness through the explicit representation of the planning process preceding an action and its dynamics and the effects of context (family, friends, and market) on the process leading to a choice, as well as the inclusion of new types of subjective data in choice models. We discuss the key issues involved in applying the extended framework, focusing on richer data requirements, theories, and models, and present three partial demonstrations of the proposed framework. Future research challenges include the development of more comprehensive empirical tests of the extended modeling framework.

Original language	English
Journal	Marketing Letters
Volume	23
Issue number	2
Pages (from-to)	439-456
Number of pages	18
ISSN	0923-0645
DOIs	https://doi.org/10.1007/s11002-012-9180-7
Publication status	Published - Jun 2012

Keywords

Context
Decision making process
Econometric models
Social networks
Subjective data

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10.1007/s11002-012-9180-7

Cite this

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abstract = "We develop a general framework that extends choice models by including an explicit representation of the process and context of decision making. Process refers to the steps involved in decision making. Context refers to factors affecting the process, focusing in this paper on social networks. The extended choice framework includes more behavioral richness through the explicit representation of the planning process preceding an action and its dynamics and the effects of context (family, friends, and market) on the process leading to a choice, as well as the inclusion of new types of subjective data in choice models. We discuss the key issues involved in applying the extended framework, focusing on richer data requirements, theories, and models, and present three partial demonstrations of the proposed framework. Future research challenges include the development of more comprehensive empirical tests of the extended modeling framework.",

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AU - Ben-Akiva, Moshe

AU - de Palma, André

AU - McFadden, Daniel

AU - Abou-Zeid, Maya

AU - Chiappori, Pierre-André

AU - de Lapparent, Matthieu

AU - Durlauf, Steven N.

AU - Fosgerau, Mogens

AU - Fukuda, Daisuke

AU - Hess, Stephane

AU - Manski, Charles

AU - Pakes, Ariel

AU - Picard, Nathalie

AU - Walker, Joan

PY - 2012/6

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AB - We develop a general framework that extends choice models by including an explicit representation of the process and context of decision making. Process refers to the steps involved in decision making. Context refers to factors affecting the process, focusing in this paper on social networks. The extended choice framework includes more behavioral richness through the explicit representation of the planning process preceding an action and its dynamics and the effects of context (family, friends, and market) on the process leading to a choice, as well as the inclusion of new types of subjective data in choice models. We discuss the key issues involved in applying the extended framework, focusing on richer data requirements, theories, and models, and present three partial demonstrations of the proposed framework. Future research challenges include the development of more comprehensive empirical tests of the extended modeling framework.

KW - Context

KW - Decision making process

KW - Econometric models

KW - Social networks

KW - Subjective data

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Process and context in choice models

Abstract

Keywords

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