Modelling consumer choice through the random regret minimization model: An application in the food domain |
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| Affiliation: | 1. Dept. of Statistical Sciences, University of Bologna, via delle Belle Arti 41, 40126 Bologna, Italy;2. Marketing and Consumer Behaviour Group, Wageningen University and Research, Hollandseweg 1, 6706 KN Wageningen, The Netherlands;3. Dept. of Agricultural and Food Sciences, University of Bologna, viale G. Fanin 44, 40127 Bologna, Italy;1. Northwestern University Feinberg School of Medicine, Department of Preventive Medicine, Chicago, IL, USA;2. University of Illinois at Chicago College of Applied Health Sciences, Department of Kinesiology and Nutrition, Chicago, IL, USA;3. University of Wisconsin School of Medicine and Public Health, Physiology Graduate Training Program, Madison, WI, USA;4. Northwestern University Feinberg School of Medicine, Division of Faculty Affairs, Chicago, IL, USA;5. University of Illinois at Chicago College of Nursing, Department of Health Systems Science, Chicago, IL, USA;1. Unidad de Economía Agroalimentaria y de los Recursos Naturales, Centro de Investigación y Tecnología Agroalimentaria de Aragón (CITA), Avda. Montañana 930, 50059 Zaragoza, Spain;2. Instituto Agroalimentario de Aragón-IA2 (CITA-Universidad de Zaragoza), Zaragoza, Spain;1. Department of Agricultural, Food, and Resource Economics, Michigan State University, Michigan, United States;2. Durham University Business School, Durham University, United Kingdom;3. Department of Business Economics, University of Verona, Italy;4. School of Accounting, Economics & Finance, Waikato Management School, University of Waikato, Hamilton, New Zealand;6. Department of Agricultural Economics and Agribusiness, University of Arkansas, Arkansas, United States;1. Gibson Institute for Land, Food and Environment, School of Biological Sciences, Queen’s University Belfast, UK;2. UKCRC Centre of Excellence for Public Health (NI), Queens University of Belfast, Belfast, UK;3. Department of Economics, Waikato Management School, University of Waikato, Hamilton, New Zealand;4. Faculty of Technology, Policy and Management, Delft University of Technology, Jaffalaan 5, 2628 BX Delft, The Netherlands;1. Deakin University, Institute for Physical Activity and Nutrition (IPAN), School of Exercise and Nutrition Sciences, 3216, Geelong, Australia;2. Deakin University, Biostatistics Unit, Faculty of Health, Burwood, Australia |
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| Abstract: | In line with findings on post-purchase food-choice regret, one can expect that pre-purchase anticipated regret with respect to forgone (non-chosen) alternatives has an impact on consumer food choices, especially when the choice is considered to be important. The traditional Random Utility Maximization (RUM) models for discrete choices may not fully capture this impact. This study investigates the usefulness and potential in the food domain of a discrete choice model that follows the regret minimization principle, the Random Regret Minimization (RRM) model, as an alternative and complement to existing RUM models. The two models are applied to consumer stated choices of cheese in a choice experiment. The study also investigates whether and to what extent a number of personality traits determine whether particular consumers rather choose according to utility-maximization, or regret-minimization principles. Results show that at the aggregate level the two models have a similar goodness of fit to the data and prediction ability. Still, each of them shows better fit for particular subgroups of consumers, based on personality traits. Hence, the present study reveals a potential for the RRM model applications in the food domain, and adds to the empirical literature supporting previous findings on the RRM model found in other contexts. Further research is needed to explore in which situations and for which consumer segments the RRM model is the most useful model. |
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| Keywords: | Regret minimization Discrete-choice model Food choice Consumer behaviour Choice experiment Individual differences |
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