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{
    "pk": 28563,
    "title": "How much to purchase? - A cognitive adaptive decision making account",
    "subtitle": null,
    "abstract": "Repeated purchase decisions often violate assumptions of stan-dard economic or rational choice models, such as demonstrat-ing asymmetric or unstable responses to changes in underlyingpolicy, price, or tax variables. I propose a novel frameworkfor how such decisions can be interpreted through the lens of acognitive process model. This provides psychologically inter-pretable characterizations of individuals or population groups.It incorporates mental accounting, hedonic adaptation, confir-mation bias, and the influence of perceived trust and fairness.It shows how sequential experiences and contextual aspectssuch as political affiliation, are mediated by this cognitive pro-cess to produce evolving consumption patterns. This novel ap-proach can account for empirically observed violations of con-ventional choice models. The model is quantitatively fit to ex-perimental data for individual purchase decisions and demon-strates improved descriptive, predictive, and inference capabil-ities. A proof-of-concept analysis using this model to accountfor real world consumption trends is also demonstrated.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [],
    "section": "Papers with Oral Presentations",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/58d1z9sq",
    "frozenauthors": [
        {
            "first_name": "Percy",
            "middle_name": "K.",
            "last_name": "Mistry",
            "name_suffix": "",
            "institution": "University of California Irvine",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2019-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/28563/galley/18434/download/"
        }
    ]
}