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Choice theories: What are they good for?
1Columbia Business School, Columbia University, New York, NY 10027, USA.
Journal of Consumer Psychology : the Official Journal of the Society for Consumer Psychology
|June 25, 2013
Summary
Future choice theories must predict how choice environments influence decisions. By rigorously modeling underlying processes and learning from model failures, consumer researchers can design better real-world choice architecture.
Area of Science:
- Decision Science
- Consumer Behavior
- Behavioral Economics
Background:
- Traditional choice models predict choices based on option attributes.
- There is a need for theories that predict the impact of choice environments on choice probability.
- Simonson et al. proposed an integrative theory of context.
Purpose of the Study:
- To discuss the future function of choice theories.
- To argue for the necessity of quantitative predictions regarding choice environment effects.
- To explore how modeling underlying choice processes can achieve this.
Main Methods:
- Reviewing and extending the Simonson et al. proposal.
- Examining examples from decision-making and decision neuroscience research.
- Analyzing the utility of spectacularly failing models.
Main Results:
- Choice theories must evolve to predict environmental influences on choice.
- Rigorous modeling of underlying choice processes is crucial for quantitative predictions.
- Failures in predictive models offer valuable insights for theory development.
Conclusions:
- Theories of choice need to incorporate the impact of the choice environment.
- Focusing on underlying processes and learning from failures will advance choice theory.
- Consumer researchers can contribute to designing effective real-world choice environments, such as health exchanges.
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