A Goal-Driven Perspective on Choice Behaviour and Choice Models

This seminar will review the behavioural basis for development of models of consumer choice, which traditionally have been similarly motivated in both the economics and psychological paradigms. These share in common the presumption of choice being driven by some form of utility (or value) maximization, understood to reflect some assessment of product attractiveness or likeability. The paradigms differ, sometimes sharply, in details, but share maximization of a summary measure in common. Lip service is paid to more fundamental constructs, such as needs, or more specifically, need satisfaction through goal pursuit. In this talk I will show that it is possible (1) to conceptualize choice as the result of goal pursuit and (2) to formulate econometric choice models from first principles using goals directly. Several such models will be developed, along with empirical applications.

Information: Dr. Dan Schley (schley@rsm.nl), ext. 4089584