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Utility Maximisation and Regret Minimisation: A Mixture of a Generalisation

Bounded Rational Choice Behaviour: Applications in Transport

ISBN: 978-1-78441-072-8, eISBN: 978-1-78441-071-1

Publication date: 31 January 2015

Abstract

Originality and value

Existing work has looked at heterogeneity in decision rules and sensitivities across respondents. Other work has focused on the possibility that different decision rules apply to different attributes. This chapter puts forward a model that combines these two directions of research and does so in a way that lets the optimal specification be driven by the data rather than being imposed by the analyst.

Keywords

Citation

Hess, S. and Chorus, C.G. (2015), "Utility Maximisation and Regret Minimisation: A Mixture of a Generalisation", Rasouli, S. and Timmermans, H. (Ed.) Bounded Rational Choice Behaviour: Applications in Transport, Emerald Group Publishing Limited, Bingley, pp. 31-47. https://doi.org/10.1108/978-1-78441-072-820151006

Publisher

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Emerald Group Publishing Limited

Copyright © 2015 Emerald Group Publishing Limited