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...

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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
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Guilfoos, Todd
description 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.
doi_str_mv 10.3368/le.020820-0183RI
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subjects Case based reasoning
Cognition
Cognitive ability
Decision making
Fishermen
Modelling
Reasoning
Uncertainty
Utility theory
title Case-Based Reasoning and Dynamic Choice Modeling
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