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Sequential sampling models of choice : some recent advances

Otter, T. and Johnson, J. and Rieskamp, J. and Allenby, G. M. and Brazell, J. D. and Diederich, A. and Hutchinson, J. W. and MacEachern, S. and Ruan, S. L. and Townsend, J.. (2008) Sequential sampling models of choice : some recent advances. Marketing letters, Vol. 19, H. 3/4. pp. 255-267.

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Official URL: http://edoc.unibas.ch/dok/A5261557

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Abstract

Choice models in marketing and economics are generally derived without specifying the underlying cognitive process of decision making. This approach has been successfully used to predict choice behavior. However, it has not much to say about such aspects of decision making as deliberation, attention, conflict, and cognitive limitations and how these influence choices. In contrast, sequential sampling models developed in cognitive psychology explain observed choices based on assumptions about cognitive processes that return the observed choice as the terminal state. We illustrate three advantages of this perspective. First, making explicit assumptions about underlying cognitive processes results in measures of deliberation, attention, conflict, and cognitive limitation. Second, the mathematical representations of underlying cognitive processes imply well documented departures from Luce's Choice Axiom such as the similarity, compromise, and attraction effects. Third, the process perspective predicts response time and thus allows for inference based on observed choices and response times. Finally, we briefly discuss the relationship between these cognitive models and rules for statistically optimal decisions in sequential designs.
Faculties and Departments:07 Faculty of Psychology > Departement Psychologie > Forschungsbereich Sozial-, Wirtschafts- und Entscheidungspsychologie > Economic Psychology (Rieskamp)
UniBasel Contributors:Rieskamp, Jörg
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Kluwer
ISSN:0923-0645
Note:Publication type according to Uni Basel Research Database: Journal article
Identification Number:
Last Modified:22 Mar 2012 14:24
Deposited On:22 Mar 2012 13:39

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