Accommodating satisficing behavior in stated choice experiments
| dc.creator | Sandorf, Erlend Dancke | |
| dc.creator | Campbell, Danny | |
| dc.date | 2017-04-01T19:53:42Z | |
| dc.date.accessioned | 2026-07-09T10:32:54Z | |
| dc.description | Accumulating evidence suggests that many respondents in stated choice experiments use simplifying strategies and heuristics. Such behavior is a deviation from random utility theory and can lead to biased estimates if not appropriately considered. This paper is a first attempt to systematically explore the use of the satisficing heuristic (Simon, 1955) in the context of a stated choice experiment. We consider 944 possible satisficing rules and allow respondents to revise the rules adopted throughout the choice sequence. While only a small proportion of respondents used the same satisficing rule across the entire sequence, allowing for changes in behavior at different stages reveals evidence that the use of the heuristic follows a learning and fatigue path. Furthermore, considering respondents satisficing leads to improved model fits and different marginal willingness-to-pay estimates. | |
| dc.identifier | doi:10.22004/ag.econ.235905 | |
| dc.identifier | https://ageconsearch.umn.edu/record/235905/files/AAEA_2016.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/235905 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/619798 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/235905 | |
| dc.title | Accommodating satisficing behavior in stated choice experiments | |
| dc.type | Text |