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Weighting or aggregating? Investigating information processing in multi-attribute choices.

Mesfin G Genie1,2, Nicolas Krucien3, Mandy Ryan1

  • 1Health Economics Research Unit, University of Aberdeen, Aberdeen, UK.

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|March 19, 2021
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Summary
This summary is machine-generated.

Individuals often simplify complex choices by aggregating attributes into meta-attributes. This attribute aggregation (AA) model improves understanding of decision-making and economic valuation, especially when cognitive load is high.

Keywords:
attributes aggregationchoice experimentchoice modellinginformation processingmulti-attribute choices

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Area of Science:

  • Behavioral Economics
  • Decision Science
  • Cognitive Psychology

Background:

  • Economic valuation typically assumes individuals process all attributes in multi-attribute choices.
  • Cognitive demands of processing numerous attributes can lead to simplified decision-making strategies.
  • Alternative decision rules, such as attribute aggregation, may be employed to reduce cognitive load.

Purpose of the Study:

  • To develop and test a new model of multi-attribute choice incorporating attribute aggregation (AA).
  • To investigate the conditions under which individuals are likely to use AA.
  • To assess the impact of AA on model fit and welfare estimates in economic valuation.

Main Methods:

  • Development of a theoretical model where individuals aggregate multi-attribute information into meta-attributes.
  • Application of the AA model to a choice experiment (CE) dataset.
  • Statistical analysis to determine factors influencing the probability of adopting AA and its effect on model fit.

Main Results:

  • Accounting for attribute aggregation (AA) significantly improves the fit of choice models.
  • AA is more probable with homogenous attribute information, shorter participant response times, and failed dominance tests.
  • The adoption of AA influences welfare estimates derived from choice experiments.

Conclusions:

  • Attribute aggregation (AA) is a prevalent information processing rule in multi-attribute decision-making.
  • Models of economic choice should account for cognitive shortcuts like AA to accurately reflect behavior.
  • Ignoring AA can lead to biased welfare estimates and an incomplete understanding of consumer choices.