A hybrid solution measuring two ways of decision behavior simultaneously

Jeroen Hardon and Kees van der Wagt

This article looks at the comparison between two approaches to consumer decision behaviour - the utility model (RUM) and Random Regret Modeling (RRM) - and offers a hybrid solution to provide a more effective framework.

Human decision behavior is highly complex and can be influenced by a wide variety of factors. Researchers typically try to simplify consumer preferences and choices. We try to replicate a complex reality using a model that captures the main drivers of choice.

Conjoint analysis is one very effective method for isolating these drivers. A product is broken down into its most essential characteristics or elements, allowing researchers to examine how each one affects preference. Random Utility Model (RUM) is the most commonly used conjoint model, which assumes consumers select the product that offers them the best value (a.k.a. utility) based...

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