In this paper we propose the use of preferred outcome distributions as a new method to elicit individuals' value and probability weighting functions in decisions under risk. Extant approaches for the elicitation of these two key ingredients of individuals' risk attitude typically rely on a long,...

Network formation among individuals constitutes an important part of many OR processes, but relatively little is known about how individuals make their linking decisions in networks. This article provides an investigation of heuristic effects in individual linking decisions for network formation...

We introduce and test a behavioral model of consumer product search that extends a baseline normative model of sequential search by incorporating non-normative influences that are local in the sense that they reflect consumers' undue sensitivity to recently encountered alternatives. We propose...

The allocation of scarce health care service resources often requires trade-offs between individual and collective outcomes (e.g., when some individuals benefit more strongly from a given policy than others). Based on construal level theory, one would expect that consumers cognitively represent...

Consumer informedness plays a critical role in determining consumer choice in the presence of information technology (IT) deployed by competing firms in the marketplace. Using data collected through a series of stated choice experiments in two different research contexts, we examine how consumer...

We introduce a utility theory-based model of consumers' mental representation of attributes and benefits in decisions between complex alternatives. The model relies on the fact that there are cognitive costs and gains to activating additional decision components in mental representations. The...

Deciding how much to save for retirement is a difficult task surrounded with many uncertainties. In this paper we study the impact of uncertainty about one's savings adequacy on retirement savings contributions and information search. We combine ideas from literature in psychology and economics...

Information personalization is a popular and effective way used especially by online content providers to reduce user effort for the assessment of abundant information load. Based on learning and goal setting theories, in this paper we argue that the successful role of information...

Individuals' planned retirement age is affected by a trade-off between financial costs (a feasibility oriented consideration) and the number of years in retirement (a desirability oriented consideration). Previous research shows that construal level interventions (i.e., activating a global vs....

We introduce an extension of the discrete choice model to take into account individuals' mental representation of a choice problem. We argue that, especially in daily activity and travel choices, the activated needs of an individual have an influence on the benefits he or she pursues in the...