Modeling a decision-maker's choice behavior through perceived values

27/11/2022

Modeling a decision-maker's choice behavior through perceived values

Manish Aggarwal

Journal Articles | IEEE Transactions on Systems, Man, and Cybernetics: Systems

  • facebook
  • linkedin
  • twitter
  • whatsapp

In the real world, an attribute value is perceived differently by different individuals. Emphasizing on this aspect, we extend the discrete choice models with perceived values that are subjective and specific to a decision-maker (DM). The proposed choice models are augmented with the parameters of an entropy function, besides the utility coefficients, to model a DM's complex choice behavior. A variety of higher order choice models are also proposed. The proposed models are further extended with a DM's reference-value for each attribute. A real and illustrative application is included.

IIMA