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Individuals’ decisions in the presence of multiple goals

Lookup NU author(s): Professor Elisabetta Cherchi

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This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).


Abstract

This paper develops new directions on how individuals’ use of multiple goals can be incorporated in econometric models of individual decision making. We start by outlining key components of multiple, simultaneous goal pursuit and multi-stage choice. Since different goals are often only partially compatible, such a multiple goal-based approach implies balancing goals, leading to a deliberate goal-level choice strategy on the part of the decision maker. Accordingly, we introduce a conceptual framework to classify different aspects of individuals’ decisions in thepresence of multiple goals. Based on this framework we propose a formalization of individual decision making when pursuing multiple goals. We briefly review different previous streams on goal-based decision making and how the proposed goal-driven conceptual framework relates to earlier research in discrete choice models. The framework is illustrated using examples from different domains, in particular marketing, environmental economics, transportation and sociology. Finally, we discuss identification and modeling needs for goal-based choice strategies and opportunities for further research.


Publication metadata

Author(s): Dellaert BGC, Swait J, Adamowicz WLV, Arentze TA, Bruch EE, Cherchi E, Chorus C, Donkers B, Feinberg FM, Marley AAJ, Salisbury LC

Publication type: Article

Publication status: Published

Journal: Customer Needs and Solution

Year: 2018

Volume: 5

Issue: 1-2

Pages: 51-64

Print publication date: 01/03/2018

Online publication date: 11/05/2017

Acceptance date: 11/05/2017

Date deposited: 22/05/2017

ISSN (print): 2196-2928

ISSN (electronic): 2196-291X

Publisher: Springer

URL: http://doi.org/10.1007/s40547-017-0071-1

DOI: 10.1007/s40547-017-0071-1


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