Elimination by aspects: A theory of choice.
About: This article is published in Psychological Review.The article was published on 1972-07-01. It has received 3365 citations till now.
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01 Jan 2003TL;DR: In this paper, the authors describe the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation, and compare simulation-assisted estimation procedures, including maximum simulated likelihood, method of simulated moments, and methods of simulated scores.
Abstract: This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum simulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. No other book incorporates all these fields, which have arisen in the past 20 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
7,768 citations
Cites background from "Elimination by aspects: A theory of..."
...Yai et al. (1997) estimate a probit model of route choice where the covariance between any two routes depends only on the length of shared route segments; this structure reduces the number of covariance parameters to only one, which captures the relation of the covariance to shared length....
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TL;DR: The metric and dimensional assumptions that underlie the geometric representation of similarity are questioned on both theoretical and empirical grounds and a set of qualitative assumptions are shown to imply the contrast model, which expresses the similarity between objects as a linear combination of the measures of their common and distinctive features.
Abstract: The metric and dimensional assumptions that underlie the geometric representation of similarity are questioned on both theoretical and empirical grounds. A new set-theoretical approach to similarity is developed in which objects are represented as collections of features, and similarity is described as a feature-matching process. Specifically, a set of qualitative assumptions is shown to imply the contrast model, which expresses the similarity between objects as a linear combination of the measures of their common and distinctive features. Several predictions of the contrast model are tested in studies of similarity with both semantic and perceptual stimuli. The model is used to uncover, analyze, and explain a variety of empirical phenomena such as the role of common and distinctive features, the relations between judgments of similarity and difference, the presence of asymmetric similarities, and the effects of context on judgments of similarity. The contrast model generalizes standard representations of similarity data in terms of clusters and trees. It is also used to analyze the relations of prototypicality and family resemblance
7,251 citations
Cites methods from "Elimination by aspects: A theory of..."
...The characterization of stimuli as feature sets has been employed in the analysis of many cognitive processes such as speech perception (Jakobson, Fant, & Halle, 1961), pattern recognition (Neisser, 1967), perceptual learning (Gibson, 1969), preferential choice (Tversky, 1972), and semantic judgment (Smith, Shoben, & Rips, 1974)....
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...…as feature sets has been employed in the analysis of many cognitive processes such as speech perception (Jakobson, Fant, & Halle, 1961), pattern recognition (Neisser, 1967), perceptual learning (Gibson, 1969), preferential choice (Tversky, 1972), and semantic judgment (Smith, Shoben, & Rips, 1974)....
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Book•
01 Jan 1999TL;DR: Fast and frugal heuristics as discussed by the authors are simple rules for making decisions with realistic mental resources and can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality.
Abstract: Fast and frugal heuristics - simple rules for making decisions with realistic mental resources - are presented here. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? What heuristics are in the mind's adaptive toolbox, and what building blocks compose them? Can judgments based simply on a single reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? This book explores these questions by developing computational models of heuristics and testing them through experiments and analysis. It shows how fast and frugal heuristics can yield adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop-out rates, and playing the stock market.
4,384 citations
Cites background from "Elimination by aspects: A theory of..."
...In their study of the "adaptive decision maker," Payne, Bettman, and Johnson (1993) studied the trade-off between accuracy and effort for various choice strategies, including lexicographic rules and Elimination by Aspects (Tversky, 1972)....
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TL;DR: In this paper, a review of empirical results from the psychological literature in a way that provides a useful foundation for research on consumer knowledge is provided by two fundamental distinctions: consumer expertise is distinguished from product-related experience and five distinct aspects, or dimensions, of expertise are identified.
Abstract: The purpose of this article is to review basic empirical results from the psychological literature in a way that provides a useful foundation for research on consumer knowledge. A conceptual organization for this diverse literature is provided by two fundamental distinctions. First, consumer expertise is distinguished from product-related experience. Second, five distinct aspects, or dimensions, of expertise are identified: cognitive effort, cognitive structure, analysis, elaboration, and memory. Improvements in the first two dimensions are shown to have general beneficial effects on the latter three. Analysis, elaboration, and memory are shown to have more specific interrelationships. The empirical findings related to each dimension are reviewed and, on the basis of those findings, specific research hypotheses about the effects of expertise on consumer behavior are suggested.
4,147 citations
TL;DR: Supporting this analysis, research shows that the various distances are cognitively related to each other, that theySimilarly influence and are influenced by level of mental construal, and that they similarly affect prediction, preference, and action.
Abstract: People are capable of thinking about the future, the past, remote locations, another person's perspective, and counterfactual alternatives. Without denying the uniqueness of each process, it is proposed that they constitute different forms of traversing psychological distance. Psychological distance is egocentric: Its reference point is the self in the here and now, and the different ways in which an object might be removed from that point-in time, in space, in social distance, and in hypotheticality-constitute different distance dimensions. Transcending the self in the here and now entails mental construal, and the farther removed an object is from direct experience, the higher (more abstract) the level of construal of that object. Supporting this analysis, research shows (a) that the various distances are cognitively related to each other, (b) that they similarly influence and are influenced by level of mental construal, and (c) that they similarly affect prediction, preference, and action.
4,114 citations
Cites background from "Elimination by aspects: A theory of..."
...Decision theoretic work has distinguished between searching within attributes, across alternatives and searching within alternatives, across attributes (Tversky, 1972)....
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..., & Tversky, A. (1979). Prospect theory: An analysis of...
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References
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TL;DR: In this article, the authors extend activity analysis into consumption theory and assume that goods possess, or give rise to, multiple characteristics in fixed proportions and that it is these characteristics, not goods themselves, on which the consumer's preferences are exercised.
Abstract: Activity analysis is extended into consumption theory. It is assumed that goods possess, or give rise to, multiple characteristics in fixed proportions and that it is these characteristics, not goods themselves, on which the consumer’s preferences are exercised.
9,495 citations
TL;DR: The law of comparative judgment as mentioned in this paper is applicable not only to the comparison of physical stimulus intensities but also to qualitative comparative judgments such as those of excellence of specimens in an educational scale.
Abstract: This chapter describes a new psychophysical law which may be called the law of comparative judgment and to show some of its special applications in the measurement of psychological values. The law of comparative judgment is applicable not only to the comparison of physical stimulus intensities but also to qualitative comparative judgments such as those of excellence of specimens in an educational scale. The scale difference between the discriminal processes of two specimens which are involved in the same judgment will be called the discriminal difference on that occasion. The law of comparative judgment is basic for all experimental work on Weber's law, Fechner's law, and for all educational and psychological scales in which comparative judgments are involved. The formulation of the law of comparative judgment involves the use of a new psychophysical concept, namely, the discriminal dispersion.
4,929 citations
Book•
25 Sep 19792,247 citations
01 Jul 1960
2,169 citations