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verification. (January 2021) |
A choice set is a finite collection of available options selected from a larger theoretical decision space. For example, a consumer has thousands of conceivable alternatives when purchasing a car, far more than they could reasonably be expected to evaluate. As such they will often narrow their search to only vehicles of a certain make, or within a specific price range. By reducing the choice set to a manageable number of alternatives, people are able to make complex decisions between theoretically infinite alternatives in a practical time frame. Choice sets are often used in psychological and market research to make data collection and evaluation more manageable, or to make direct comparisons between a specific set of choices. [1]
The respondent is asked a choice task. Usually this is which of the alternatives they prefer. In this example, the Choice task is ' forced'. An 'unforced' choice would allow the respondents to also select 'Neither'. The choice task is used as the dependent variable in the resulting choice model.
A choice set has the following elements:
This article needs additional citations for
verification. (January 2021) |
A choice set is a finite collection of available options selected from a larger theoretical decision space. For example, a consumer has thousands of conceivable alternatives when purchasing a car, far more than they could reasonably be expected to evaluate. As such they will often narrow their search to only vehicles of a certain make, or within a specific price range. By reducing the choice set to a manageable number of alternatives, people are able to make complex decisions between theoretically infinite alternatives in a practical time frame. Choice sets are often used in psychological and market research to make data collection and evaluation more manageable, or to make direct comparisons between a specific set of choices. [1]
The respondent is asked a choice task. Usually this is which of the alternatives they prefer. In this example, the Choice task is ' forced'. An 'unforced' choice would allow the respondents to also select 'Neither'. The choice task is used as the dependent variable in the resulting choice model.
A choice set has the following elements: