Case-Based Reasoning and Dynamic Choice Modeling

Estimating discrete choices under uncertainty typically rely on assumptions of expected utility theory. We build on the dynamic choice modeling literature by using a nonlinear case-based reasoning approach based on cognitive processes and forms expectations by comparing the similarity between past p...

Full description

Saved in:
Bibliographic Details
Published in:Land economics 2023-02, Vol.99 (1), p.103
Main Authors: Thomas, Priya, Guilfoos, Todd
Format: Article
Language:English
Subjects:
Case based reasoning
Cognition
Cognitive ability
Decision making
Fishermen
Modelling
Reasoning
Uncertainty
Utility theory
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Estimating discrete choices under uncertainty typically rely on assumptions of expected utility theory. We build on the dynamic choice modeling literature by using a nonlinear case-based reasoning approach based on cognitive processes and forms expectations by comparing the similarity between past problems and the current problem faced by a decision maker. This study provides a proof of concept of a behavioral model of location choice applied to recreational fishers' location choice behavior in Connecticut. We find the case-based decision model does well in explaining the observed data and provides value in explaining the dynamic value of attributes.
ISSN:0023-7639
1543-8325
DOI:10.3368/le.020820-0183RI