Articles

A bounded rationality model of information search and choice in preference measurement

L. C. YANG, O. TOUBIA, M. DE JONG

Journal of Marketing Research

avril 2015, vol. 52, n°2, pp.166-183

Départements : Marketing

Mots clés : Eye tracking, Preference measurement, Dynamic discrete choice models

http://ssrn.com/abstract=2549512


It is becoming increasingly easier for researchers and practitioners to collect eye-tracking data during online preference measurement tasks. The authors develop a dynamic discrete choice model of information search and choice under bounded rationality, which they calibrate using a combination of eye-tracking and choice data. Their model extends Gabaix et al.'s (2006) directed cognition model by capturing fatigue, proximity effects, and imperfect memory encoding and by estimating individual-level parameters and partworths within a likelihood-based hierarchical Bayesian framework. The authors show that modeling eye movements as the outcome of forward-looking utility maximization improves out-of-sample predictions, enables researchers and practitioners to use shorter questionnaires, and allows better discrimination between attributes


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