TY  - CHAP
AB  - Purpose This chapter proposes a new mixture model which allows for heterogeneity in sensitivities and decision rules across decision makers and attributes.Theory A new mixture model is put forward in which the different latent classes make use of different decision rules, where the use of generalised random regret minimisation kernel allows for within class heterogeneity in the decision rules applied across attributes.Findings Our theoretical developments are supported by the findings of an empirical application using data from a typical stated choice survey.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.
SN  - 978-1-78441-071-1, 978-1-78441-072-8/
DO  - 10.1108/978-1-78441-072-820151006
UR  - https://doi.org/10.1108/978-1-78441-072-820151006
AU  - Hess Stephane
AU  - Chorus Caspar G.
ED  - Soora Rasouli
ED  - Harry Timmermans
PY  - 2015
Y1  - 2015/01/01
TI  - Utility Maximisation and Regret Minimisation: A Mixture of a Generalisation
T2  - Bounded Rational Choice Behaviour: Applications in Transport
PB  - Emerald Group Publishing Limited
SP  - 31
EP  - 47
Y2  - 2024/09/19
ER  -