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The purpose of this paper is to propose a consensus method for multi-attribute group decision-making (MAGDM) problems based on preference-approval structure and regret theory, which can improve the efficiency of decision-making and promote the consensus level among individuals.

First, a new method to obtain the reference points based on regret theory and expert weighting method is proposed. Second, a consensus reaching method based on preference-approval structure is proposed. Then, an adjustment mechanism to further improve the consensus level between individuals is designed. Finally, an example of the assessment of elderly care institutions is used to illustrate the feasibility and effectiveness of the proposed method.

The feasibility and validity of the proposed method are verified by comparing with the advanced two-stage minimum adjustment method. The compared results show that the proposed method is more consistent with the actual situation.

This paper presents a consensus reaching method for MAGDM based on preference-approval structure, which considers the avoidance behaviors of individuals and reference points. Decision makers (DMs) can use this approach to rank and categorize alternatives while further increasing the level of consensus among them. This can further help determine the optimal alternative more efficiently.

A new MAGDM problem based on the combination of regret theory and individual reference points is proposed. Besides, a new method of obtaining experts' weights and a consensus reaching method for MAGDM based on preference-approval structure are designed.

The purpose of this paper is to aggregate different preference information in group decision‐making process such as interval preference order, interval utility value, interval number reciprocal comparison matrix, and interval number complementary comparison matrix.

First, the consistency definitions of four kinds of uncertain preference information are defined. Then, the upper‐ and low errors are introduced to solve the inconsistent decision‐making case. Following that, the weight model for each uncertain preference is proposed, respectively.

The aggregation approach based on minimal group deviation errors is suggested in order to obtain the utmost consistent opinion. In addition, the consistency judgment level and consistency extent are defined owing to the aggregation result.

The calculation scale is large, if many decision makers will attend group decision‐making process.

A very useful approach for aggregation of the different preference in group decision‐making case.

Because of differences in knowledge structure, judgment level, and individual preference, decision makers express their judgment preferences via differently structured decision‐making processes. Owing to the complexity and uncertainty of decision‐making problems and the fuzziness of human thought, it is unrealistic to depict complex problems in the certain preference style. For decision‐making preference structures, group decision‐making aggregation approaches include the aggregation on the same kind of preference structure and the different kinds of preference structures. The study on the aggregation of the same kind of preference structure has received a deal of attention, but study into the aggregation of the different kinds of uncertainty preference structures is still a new field.

Choice under risk has a large stochastic (unpredictable) component. This chapter examines five stochastic models for binary discrete choice under risk and how they combine with “structural” theories of choice under risk. Stochastic models are substantive theoretical hypotheses that are frequently testable in and of themselves, and also identifying restrictions for hypothesis tests, estimation and prediction. Econometric comparisons suggest that for the purpose of prediction (as opposed to explanation), choices of stochastic models may be far more consequential than choices of structures such as expected utility or rank-dependent utility.

The purpose of this paper is to analyze how the financial supervision authority utilizes the restrictions of capital constraints imposing on commercial banks the need to develop the macro economy.

This paper uses multilateral game to deduce the loan characteristics of banks, vector and void coordinates to analyze the behavior choices of banks under capital supervision, sets up an index to describe the risk preference of banks, and analyzes the process with Chinese data empirically.

This paper finds big banks have a loan preference for big enterprises and small banks have a preference for establishing a bank syndicate to pursue large projects. Further, the paper notes the conditions by which the heterology banks choose loans across the border and proves that changes of capital requirements would force the credit structure of the commercial banks to adjust along an efficient frontier broken line or an efficient frontier plane under the conditions of interest rate regulation or interest rate marketization, respectively.

It is very complex to describe the choices of risk behavior of banks and the simple supervision method needs to be adjusted.

This paper finds that banks show risk preferences of credit structure, and capital constraints would affect it greatly; regulators should guard against capital constraint softening.

It is the first time that the conditions of banks beyond the loan border have been studied and the behavior adjustment of banks using the vector and void coordinate analyzed.

Increasing evidence suggests that choice behaviour in real world may be guided by principles of bounded rationality as opposed to typically assumed fully rational behaviour, based on the principle of utility-maximization. Under such circumstances, conventional rational choice models cannot capture the decision processes. The purpose of the chapter is to propose a modeling framework that can capture both decision outcome and decision process.

The modeling framework incorporates a discrete cognitive representation structure and implies several decision heuristics, such as conjunctive, disjunctive and lexicographic rules. This allows modeling unobserved decision heterogeneity involved in a single decision, for example, in the form of a latent-class specification, taking into account mental effort, risk perception and expected outcome as explanatory factors.

Two models based on this framework are applied to decision problems underlying pedestrian shopping behaviour and compared with conventional multinomial logit models. The results show that the proposed models may not be superior to logit models in terms of model selection criteria due to the extra complexity in selecting heuristics, but suggest more interesting insights to the underlying decision mechanisms.

Understanding decision processes additional to outcomes is a promising research direction. A more developed model should take into account more contextual and socio-demographic factors in the heuristic selection part. The assumptions of information processing must be subject to empirical tests to validate the model.

The proposed modeling framework bridges the long-existing contradicting approaches in the field of decision modeling, namely the rational approach and the bounded rational approach, by proving that non-compensatory decision heuristics can be inferred from compensatory model formulations with discretized information representations and decision criteria assumed. It also incorporates a heuristic choice part into the decision processes in the form of latent-class specifications and shows the viability of the new modeling framework.

The purpose of this paper is to analyse the “region-of-origin” effect in the purchase of cava, a sparkling wine. Cava is a multiregional designation of origin: although it is a product typical of a particular Spanish region (Catalonia), it is also produced in other regions in Spain.

The technique of conjoint analysis is used to identify the structure of the preferences of cava consumers, and to evaluate how that structure is affected by the inclusion of a message that highlights the regional origin of the product. A survey was conducted among 473 wine buyers in the region of Extremadura (Spain).

The main findings show that the “region-of-origin” effect is significant for the regional buyer of this type of wine, and that the sales of regional brands of cava would be greater if their regional origin were emphasized by indicating the location of the producer in a prominent place on the label. Moreover, three segments of purchasers differentiated by their preference structure are identified.

The novelty of the study lies in the fact that this PDO is a multiregional designation of origin, and that the technique used, conjoint analysis, is applied not only to determine the buyer’s preference structure, but also to evaluate how that structure is affected when the regional origin of the product is highlighted in the message to the purchaser. This study is of value to academic researchers, wineries managers, and regional governments as it highlights important aspects to design marketing strategies and trade policies.

The purpose of this paper is to investigate whether consumer supermarket satisfaction is influenced by the mere composition of consumers' preference structure, as opposed to more widespread approaches where consumer satisfaction is regarded as the degree to which consumer expectations and/or preferences are met.

Survey data were collected from 130 consumers using self‐administered questionnaires. Structural equation modelling was used to test the authors' proposed hypotheses.

According to consumers, not many supermarkets offer high quality at low prices, suggesting that consumers with a high‐quality/low‐price preference structure should be disconfirmed and thus dissatisfied. However, this study finds that – when patronising discount stores and upscale stores – consumers who attach high weight to quality and price are likely to become more satisfied than consumers who attach only medium weight to both parameters. For traditional supermarkets (i.e. supermarkets offering medium quality at medium prices) satisfaction occurs equally for both groups of consumers.

Consumers' level of satisfaction with various retailers may not solely be determined by matching preferences with retail offerings, but may also be based on considerations of possibilities for mental justification within a certain preference structure. It is therefore important that managers seek to understand the process of mental justification that may be associated with their offerings, and also the various possibilities for offering mental markers (i.e. anything the consumer can use for the purpose of gaining mental justification of her/his supermarket choices) to be used by consumers.

The authors' results suggest that retailers providing medium quality at medium prices are “stocked in the middle” even though their value package may seem fair when calculated as value=quality/price. Specifically, consumers with a high‐quality/low‐price preference structure can more easily justify visits to retailers providing either high quality at high prices or low quality at low prices; this being the case even though their value preference is only partially served.

The purpose of this paper is to examine the impacts of a sustainability course that was designed to evoke measurable transformational changes in students’ preferences and in their roles as consumers, employees and citizens, via consciously addressing sustainability issues and involving a community partner.

The research was undertaken using mixed methods. Q-methodology helped create student groups with similar preferences for sustainable attitudes and behaviours before and after the course; the most important features of attitude changes and identify the phases of transformation were explored. In-depth interviews with each participant contributed to understanding and explaining the motivation for changing preferences and generated individual-level reflections about the perceived process of transformation.

Q-method highlighted how stakeholder roles were transformed from the three pre-factors to the three post-factors and for the whole group. Seven phases of transformational change are identified based on the reflective in-depth interviews from “no transformation” to “change agent behavior”.

Findings provide new perspectives for evaluating and embracing the transformational potential of sustainability courses.

Assessing the impacts of sustainability courses on students’ transformation via measuring their mindsets and behaviour preferences prior to and after a course is still an under-researched area, especially in relation to the Q-method. A further unique feature is how the influence of engaged community partner on students’ preferences is captured. The explored scope of individual responsibility goes beyond environmental awareness and addresses participants in various stakeholder roles simultaneously, by examining their priorities as consumers, employees and citizens.

The purpose of this paper is to analyze long-term institutional causes and consequences of preference falsification by studying the evolution of China’s patriarchal clan system.

The historic study shows that although the clan system was abolished in the Qin dynasty, it re-emerged among high-standing families in the Han dynasty and spread to common people after the Tang dynasty.

The author submits that the clan system was an institutional response to the preference falsification problem that arose due to the dictatorial political institutions first established in the Qin dynasty. It helped people to take collective action by themselves and also opened a back door to influence government decisions. A piece of clear evidence is the co-evolution of the clan system and government personnel system.

In this sense, the clan system probably also helped to prolong the political institutions for 2,000 years.

This is the first institutional study on the clan system in China.