{"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":"2019-01-01T10:00:00-08:00","render_galley":null,"galleys":[{"label":"PDF","type":"pdf","path":"https://journalpub.escholarship.org/cognitivesciencesociety/article/28563/galley/18434/download/"}]}