Visual attention in multi-attributes choices

What can eye-tracking tell us?

Nicolas Krucien, Mandy Ryan, Frouke Hermens

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Abstract

Choice experiments (CE), involving multi-attribute choices, are increasingly used in economics to value non-marketed goods. Such choices require individuals to process large amounts of information, shown to trigger partial information strategies in participants. We develop a new framework in which information processing is treated as a latent (unobservable) process. Testing our approach by combining CE and visual attention (VA) data gathered from eye-tracking, we show that treating information processing as a latent process (LIP) outperforms models assuming full information processing (FIP) or binary information processing (BIP). Our modelling of VA results in a number of key findings. We show that the relationship between VA and individuals’ preferences depends on the type of product attribute. More specifically, preferences for “easier to process” attributes appear to be less influenced by changes in underlying level of VA than “harder to process” attributes. In turn this impacts on willingness-to-pay estimates, with the LIP model resulting in smaller values than those obtained with the FIP model. Our results have implications for CE designers. More time should be spent getting subjects to understand more complicated attributes of the CE. Our results are likely to extend beyond experimental choices (stated preferences) to actual choices (revealed preferences).
Original languageEnglish
Title of host publicationJournal of Economic Behavior and Organization
PublisherElsevier bedrijfsinformatie b.v.
Pages251-267
Number of pages17
ISBN (Print)1224437195
DOIs
Publication statusPublished - 1 Mar 2017
Externally publishedYes

Publication series

NameJournal of Economic Behavior and Organization
Volume135

Fingerprint

Visual attention
Information processing
Choice experiment
Information strategy
Willingness-to-pay
Partial information
Individual preferences
Product attributes
Revealed preference
Economics
Stated preference
Trigger
Testing
Modeling

Keywords

  • Choice experiment
  • Choice modelling
  • Eye-tracking
  • Information processing
  • Stated preferences

Cite this

Krucien, N., Ryan, M., & Hermens, F. (2017). Visual attention in multi-attributes choices: What can eye-tracking tell us? In Journal of Economic Behavior and Organization (pp. 251-267). (Journal of Economic Behavior and Organization; Vol. 135). Elsevier bedrijfsinformatie b.v.. https://doi.org/10.1016/j.jebo.2017.01.018
Krucien, Nicolas ; Ryan, Mandy ; Hermens, Frouke. / Visual attention in multi-attributes choices : What can eye-tracking tell us?. Journal of Economic Behavior and Organization. Elsevier bedrijfsinformatie b.v., 2017. pp. 251-267 (Journal of Economic Behavior and Organization).
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Krucien, N, Ryan, M & Hermens, F 2017, Visual attention in multi-attributes choices: What can eye-tracking tell us? in Journal of Economic Behavior and Organization. Journal of Economic Behavior and Organization, vol. 135, Elsevier bedrijfsinformatie b.v., pp. 251-267. https://doi.org/10.1016/j.jebo.2017.01.018

Visual attention in multi-attributes choices : What can eye-tracking tell us? / Krucien, Nicolas; Ryan, Mandy; Hermens, Frouke.

Journal of Economic Behavior and Organization. Elsevier bedrijfsinformatie b.v., 2017. p. 251-267 (Journal of Economic Behavior and Organization; Vol. 135).

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

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Krucien N, Ryan M, Hermens F. Visual attention in multi-attributes choices: What can eye-tracking tell us? In Journal of Economic Behavior and Organization. Elsevier bedrijfsinformatie b.v. 2017. p. 251-267. (Journal of Economic Behavior and Organization). https://doi.org/10.1016/j.jebo.2017.01.018