Consumer rationality in choice

B.J. Conlon

Research output: ThesisDoctoral Thesis

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Abstract

The dissertation concentrates on consumer choice and the ability of current modelling approaches to capture the underlying behaviour of the individual decision-makers. The standard assumption of a rational utility maximising individual and its implications for observed behaviour are examined and demonstrated empirically to be incompatible with actual consumer choices. In particular the complexity of the choice situation, and its various components, are found to be major determinants of the choice outcomes. Both the accuracy of the choice outcome and as well as the process leading to the decision are found to vary with the difficulty of the choice set. Framing effects are also seen to lead individuals to indicate different preferences depending on the setting of the decision task. Models that allow for these deviations from the behaviour predicted under standard modelling assumptions are developed and the implementation of such models is discussed and illustrated utilising two major consumer surveys for the Dutch population.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • van Soest, Arthur, Promotor
  • Dellaert, B.G.C., Promotor
Award date29 Jun 2001
Place of PublicationTilburg
Publisher
Print ISBNs9056680854
Publication statusPublished - 2001

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Rationality
Consumer choice
Modeling
Consumer survey
Framing effects
Deviation
Decision maker
Choice sets

Cite this

Conlon, B. J. (2001). Consumer rationality in choice. Tilburg: CentER, Center for Economic Research.
Conlon, B.J.. / Consumer rationality in choice. Tilburg : CentER, Center for Economic Research, 2001. 154 p.
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Conlon, BJ 2001, 'Consumer rationality in choice', Doctor of Philosophy, Tilburg University, Tilburg.

Consumer rationality in choice. / Conlon, B.J.

Tilburg : CentER, Center for Economic Research, 2001. 154 p.

Research output: ThesisDoctoral Thesis

TY - THES

T1 - Consumer rationality in choice

AU - Conlon, B.J.

PY - 2001

Y1 - 2001

N2 - The dissertation concentrates on consumer choice and the ability of current modelling approaches to capture the underlying behaviour of the individual decision-makers. The standard assumption of a rational utility maximising individual and its implications for observed behaviour are examined and demonstrated empirically to be incompatible with actual consumer choices. In particular the complexity of the choice situation, and its various components, are found to be major determinants of the choice outcomes. Both the accuracy of the choice outcome and as well as the process leading to the decision are found to vary with the difficulty of the choice set. Framing effects are also seen to lead individuals to indicate different preferences depending on the setting of the decision task. Models that allow for these deviations from the behaviour predicted under standard modelling assumptions are developed and the implementation of such models is discussed and illustrated utilising two major consumer surveys for the Dutch population.

AB - The dissertation concentrates on consumer choice and the ability of current modelling approaches to capture the underlying behaviour of the individual decision-makers. The standard assumption of a rational utility maximising individual and its implications for observed behaviour are examined and demonstrated empirically to be incompatible with actual consumer choices. In particular the complexity of the choice situation, and its various components, are found to be major determinants of the choice outcomes. Both the accuracy of the choice outcome and as well as the process leading to the decision are found to vary with the difficulty of the choice set. Framing effects are also seen to lead individuals to indicate different preferences depending on the setting of the decision task. Models that allow for these deviations from the behaviour predicted under standard modelling assumptions are developed and the implementation of such models is discussed and illustrated utilising two major consumer surveys for the Dutch population.

M3 - Doctoral Thesis

SN - 9056680854

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

Conlon BJ. Consumer rationality in choice. Tilburg: CentER, Center for Economic Research, 2001. 154 p. (CentER Dissertation Series).