Modelling human decision behaviour with preference learning

27/11/2022

Modelling human decision behaviour with preference learning

Manish Aggarwal and Ali Fallah Tehrani

Journal Articles | INFORMS Journal on Computing

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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.

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