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Consumer Choice Models

Summary/Abstract: Experiments and empirical research consistently demonstrate the shortcomings of the standard approach to modelling consumer choices, based on the theory of preferences and intertemporal optimization. In econometric studies and alternative methods of presenting decision-making processes, there is almost always an assumption of the existence of a random factor affecting the final choice. Some forms of such behaviour are consistent with the assumption of utility maximization, but they can also have a behavioural interpretation. This article presents an overview of methods used to model individual choices in order to approximate this topic. Since the entire literature on the subject has focused on the application of various approaches to research using empirical data, a general framework of models based on consumer agents making multiple decisions has been developed. This contributes to the construction of multi-agent models of consumer behaviour consistent with the practice of econometric research.

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