Literature DB >> 23794793

Choice theories: What are they good for?

Eric J Johnson1.   

Abstract

Simonson et al. present an ambitious sketch of an integrative theory of context. Provoked by this thoughtful proposal, I discuss what is the function of theories of choice in the coming decades. Traditionally, choice models and theory have attempted to predict choices as a function of the attributes of options. I argue that to be truly useful, they need to generate specific and quantitative predictions of the effect of the choice environment upon choice probability. To do this, we need to focus on rigorously modeling and measuring the underlying processes causing these effects, and use the Simonson et al. proposal to provide some examples. I also present some examples from research in decision-making and decision neuroscience, and argue that models that fail, and fail spectacularly are particularly useful. I close with a challenge: How would consumer researcher aid the design of real world choice environments such as the health exchanges under the Patient Protection and Affordable Care Act?

Entities:  

Keywords:  Choice architecture; Choice models; Context effects; Process models; Process tracing

Year:  2013        PMID: 23794793      PMCID: PMC3685847          DOI: 10.1016/j.jcps.2012.10.004

Source DB:  PubMed          Journal:  J Consum Psychol        ISSN: 1057-7408


  23 in total

1.  The priority heuristic: making choices without trade-offs.

Authors:  Eduard Brandstätter; Gerd Gigerenzer; Ralph Hertwig
Journal:  Psychol Rev       Date:  2006-04       Impact factor: 8.934

2.  Context effects: the proportional difference model and the reflection of preference.

Authors:  Claudia Gonzalez-Vallejo; Aaron A Reid; Joel Schiltz
Journal:  J Exp Psychol Learn Mem Cogn       Date:  2003-09       Impact factor: 3.051

3.  Medicine. Do defaults save lives?

Authors:  Eric J Johnson; Daniel Goldstein
Journal:  Science       Date:  2003-11-21       Impact factor: 47.728

4.  Loss aversion and inhibition in dynamical models of multialternative choice.

Authors:  Marius Usher; James L McClelland
Journal:  Psychol Rev       Date:  2004-07       Impact factor: 8.934

5.  Visual fixations and the computation and comparison of value in simple choice.

Authors:  Ian Krajbich; Carrie Armel; Antonio Rangel
Journal:  Nat Neurosci       Date:  2010-09-12       Impact factor: 24.884

6.  A dynamic, stochastic, computational model of preference reversal phenomena.

Authors:  Joseph G Johnson; Jerome R Busemeyer
Journal:  Psychol Rev       Date:  2005-10       Impact factor: 8.934

Review 7.  The diffusion decision model: theory and data for two-choice decision tasks.

Authors:  Roger Ratcliff; Gail McKoon
Journal:  Neural Comput       Date:  2008-04       Impact factor: 2.026

8.  Choice by value encoding and value construction: processes of loss aversion.

Authors:  Martijn C Willemsen; Ulf Böckenholt; Eric J Johnson
Journal:  J Exp Psychol Gen       Date:  2011-08

9.  Strategies for multiattribute binary choice.

Authors:  J E Russo; B A Dosher
Journal:  J Exp Psychol Learn Mem Cogn       Date:  1983-10       Impact factor: 3.051

10.  Optimal Defaults and Active Decisions.

Authors:  Gabriel D Carroll; James J Choi; David Laibson; Brigitte C Madrian; Andrew Metrick
Journal:  Q J Econ       Date:  2009-11-01
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  1 in total

1.  A formal model of fuzzy-trace theory: Variations on framing effects and the Allais paradox.

Authors:  David A Broniatowski; Valerie F Reyna
Journal:  Decision (Wash D C )       Date:  2017-05-29
  1 in total

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