Site choices in recreational demand: a matter of utility maximization or regret minimization?
نویسندگان
چکیده
منابع مشابه
Bridging Utility Maximization and Regret Minimization
We relate the strategy sets that a player ends up with after refining his own strategies according to two very different models of rationality: namely, utility maximization and regret minimization. ar X iv :1 40 3. 63 94 v1 [ cs .G T ] 2 5 M ar 2 01 4
متن کاملSpatial choice: a matter of utility or regret?
This paper provides an empirical comparison between utility-maximization and regretminimization perspectives of spatial-choice behaviour. The key difference between these two perspectives is that the regret-minimization perspective implies that the anticipated satisfaction associated with a chosen spatial alternative depends on the anticipated performance of nonchosen alternatives. In order to ...
متن کاملA Recreational Model of Demand for Multi-Site Trips
We develop an easy to use demand estimation strategy for multi-site trips within a stated preference framework. With this model, we evaluate: 1) changes in the marginal value of onsite time, 2) changes in the marginal value of total time in the tour package, 3) changes in both the number and types of sites on consumer surplus, 4) changes in the variable costs of onsite time on the elasticity of...
متن کاملUtility maximization and risk minimization in life and pension insurance
We study the problem of finding optimal strategies for a life insurance company or pension fund that acts on behalf of an insured so as to maximize the expected utility (in a general form) of the pension benefits through dividend allocation and investment in a financial market. We take the uncertain course of life of the insured into account and provide the full picture of the policy’s financia...
متن کاملAsset Demand Based Tests of Expected Utility Maximization∗
In the neoclassical model of consumer behavior, considerable work has been done investigating when a consumer’s demand behavior can be described as having been derived from utility maximization. However, most discussions are in a certainty world. We expand on prior analyses in an uncertainty setting by providing conditions under which contingent claim and asset demands will be consistent with s...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Environmental Economics and Policy
سال: 2012
ISSN: 2160-6544,2160-6552
DOI: 10.1080/21606544.2011.640844