Vehicle purchasing behaviour of individuals and groups regret or reward?

Beck, MJ; Chorus, CG; Rose, JM; Hensher, DA

Vehicle purchasing behaviour of individuals and groups regret or reward?

Beck, MJ Chorus, CG Rose, JM Hensher, DA

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Publication Type:: Journal Article
Citation:: Journal of Transport Economics and Policy, 2013, 47 (PART3), pp. 475 - 492
Issue Date:: 2013-09-01

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Field	Value	Language
dc.contributor.author	Beck, MJ	en_US
dc.contributor.author	Chorus, CG	en_US
dc.contributor.author	Rose, JM	en_US
dc.contributor.author	Hensher, DA	en_US
dc.date.issued	2013-09-01	en_US
dc.identifier.citation	Journal of Transport Economics and Policy, 2013, 47 (PART3), pp. 475 - 492	en_US
dc.identifier.issn	0022-5258	en_US
dc.identifier.uri	http://hdl.handle.net/10453/117218
dc.description.abstract	Random utility maximisation is the pre-eminent behavioural theory used to model choices. An alternative paradigm, however, is random regret minimisation. While the majority of the literature examines the choices of individuals, this paper compares the choices of groups, as well as individuals, in both the utility maximisation and regret minimisation frameworks, and explores the influence household members have with respect to an automobile purchase decision within an interactive agency choice experiment. Regret minimisation is shown to be the preferred behavioural mechanism for groups and individuals within groups who shoulder a high degree of responsibility for the choice of the group.	en_US
dc.relation.ispartof	Journal of Transport Economics and Policy	en_US
dc.subject.classification	Logistics & Transportation	en_US
dc.title	Vehicle purchasing behaviour of individuals and groups regret or reward?	en_US
dc.type	Journal Article
utslib.citation.volume	PART3	en_US
utslib.citation.volume	47	en_US
utslib.for	1507 Transportation and Freight Services	en_US
utslib.for	1402 Applied Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Strength - BIDA - Business Intelligence and Data Analytics
utslib.copyright.status	closed_access
pubs.issue	PART3	en_US
pubs.publication-status	Published	en_US
pubs.volume	47	en_US

Abstract:

Random utility maximisation is the pre-eminent behavioural theory used to model choices. An alternative paradigm, however, is random regret minimisation. While the majority of the literature examines the choices of individuals, this paper compares the choices of groups, as well as individuals, in both the utility maximisation and regret minimisation frameworks, and explores the influence household members have with respect to an automobile purchase decision within an interactive agency choice experiment. Regret minimisation is shown to be the preferred behavioural mechanism for groups and individuals within groups who shoulder a high degree of responsibility for the choice of the group.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/117218