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...

This paper shows how travellers that are faced with a series of risky choices become behaviourally inert due to a combination of risk aversion and learning. Our theoretical analyses complement other studies that conceive inertia as resulting from the wish to save cognitive resources. We first...

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...

Due to the increasing time pressure that they face, many consumers are becoming more concerned about the efficiency of their shopping patterns. Retailers have recognize this trend, have improved shopping convenience by offering greater variety in product categories and making it easier for...