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Free Content Vehicle Purchasing Behaviour of Individuals and Groups: Regret or Reward?

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Random utility maximisation is the pre-eminent behavioural theory used to model choices. An alternative paradigm, however, is random regret minimisation. While the majority of the literature examines the choices of individuals, this paper compares the choices of groups, as well as individuals, in both the utility maximisation and regret minimisation frameworks, and explores the influence household members have with respect to an automobile purchase decision within an interactive agency choice experiment. Regret minimisation is shown to be the preferred behavioural mechanism for groups and individuals within groups who shoulder a high degree of responsibility for the choice of the group.
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Document Type: Research Article

Publication date: September 1, 2013

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  • JTEP is international both in terms of authors and readership. Since it first appeared, more than 650 papers have been published from Europe, North America, the Pacific Rim/Australasia, Africa, Asia, and South America. This international variety is also reflected in the readership.

    Published four times a year, the journal covers all modes of transport and a wide variety of economic themes, including: Passenger Transport, Freight Transport, Shipping, Aviation, Transport Infrastructure, Environment & Energy, Traffic, Planning and Policy, Safety, Costs & Pricing, Competition, Evaluation, Productivity, Demand & Elasticities, Service Quality, Economies of Scale, Economics Regulation and Choice.

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