RT Journal Article
SR Electronic
T1 Case-Based Reasoning and Dynamic Choice Modeling
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 103
OP 121
DO 10.3368/le.120820-0183R1
VO 99
IS 1
A1 Priya Thomas
A1 Todd Guilfoos
YR 2023
UL http://le.uwpress.org/content/99/1/103.abstract
AB Estimating discrete choices under uncertainty typically rely on assumptions of expected utility theory. We build on the dynamic choice modeling literature by using a nonlinear case-based reasoning approach based on cognitive processes and forms expectations by comparing the similarity between past problems and the current problem faced by a decision maker. This study provides a proof of concept of a behavioral model of location choice applied to recreational fishers’ location choice behavior in Connecticut. We find the case-based decision model does well in explaining the observed data and provides value in explaining the dynamic value of attributes.