Choice models in marketing and economics are generally derived without specifying the underlying cognitive process of decision making. This approach has been successfully used to predict choice behavior. However, it has not much to say about such aspects of decision making as deliberation,...

We examine the nature of best-worst data for modeling consumer preferences and predicting their choices. We show that, contrary to the assumption of widely used models, the best and worst responses do not originate from the same data-generating process. We propose a sequential evaluation model...

This chapter provides an introduction to choice models based on the principle of direct utility maximization. Models of direct utility are characterized by specifications of the utility function and accompanying budget constraint that allows separation of what is gained (i.e., utility) from that...