IDEAS home Printed from https://ideas.repec.org/a/eee/joreco/v73y2023ics0969698923000504.html
   My bibliography  Save this article

A decision support model for buying battery electric vehicles considering consumer learning and psychological behavior

Author

Listed:
  • Song, Yongming
  • Li, Yanhong
  • Zhu, Hongli
  • Li, Guangxu

Abstract

Developments in battery electric vehicles (BEVs) have received more and more attentions in the last decades due to alleviating carbon emissions and energy crisis. Consequently, how to rank alternative BEVs to assist consumers make better purchasing decisions is a worthy research study. However, there are still some defects in the existing studies for ranking of BEVs: 1) the evaluation index system of BEVs is not comprehensive; 2) the determination of criteria weights cannot be well applied to the actual purchase scenarios; and 3) the psychological behavior of consumers is ignored. To address those shortcomings, this paper proposes a decision support model to assist with consumers to buy BEVs. First, a systematic evaluation criteria system of BEVs including quantitative and qualitative indicators from parameter configurations and online reviews is constructed. Then, a weight algorithm considering consumer learning is proposed to determine the criteria weights. Furthermore, a decision support process considering consumers' regret avoidance behavior is proposed. Finally, an actual BEV purchase case is given to illustrate the practicability of the decision support model. This can be seen in case studies the proposed support model can be well applied to consumers with different regret avoidance behaviours.

Suggested Citation

  • Song, Yongming & Li, Yanhong & Zhu, Hongli & Li, Guangxu, 2023. "A decision support model for buying battery electric vehicles considering consumer learning and psychological behavior," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:joreco:v:73:y:2023:i:c:s0969698923000504
    DOI: 10.1016/j.jretconser.2023.103303
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0969698923000504
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jretconser.2023.103303?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Egbue, Ona & Long, Suzanna, 2012. "Barriers to widespread adoption of electric vehicles: An analysis of consumer attitudes and perceptions," Energy Policy, Elsevier, vol. 48(C), pages 717-729.
    2. Yongyou Nie & Enci Wang & Qinxin Guo & Junyi Shen, 2018. "Examining Shanghai Consumer Preferences for Electric Vehicles and Their Attributes," Sustainability, MDPI, vol. 10(6), pages 1-16, June.
    3. Fanchao Liao & Eric Molin & Bert van Wee, 2017. "Consumer preferences for electric vehicles: a literature review," Transport Reviews, Taylor & Francis Journals, vol. 37(3), pages 252-275, May.
    4. Fernandes, Semila & Panda, Rajesh & Venkatesh, V.G. & Swar, Biranchi Narayan & Shi, Yangyan, 2022. "Measuring the impact of online reviews on consumer purchase decisions – A scale development study," Journal of Retailing and Consumer Services, Elsevier, vol. 68(C).
    5. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
    6. Helveston, John Paul & Liu, Yimin & Feit, Elea McDonnell & Fuchs, Erica & Klampfl, Erica & Michalek, Jeremy J., 2015. "Will subsidies drive electric vehicle adoption? Measuring consumer preferences in the U.S. and China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 73(C), pages 96-112.
    7. Nikolay Archak & Anindya Ghose & Panagiotis G. Ipeirotis, 2011. "Deriving the Pricing Power of Product Features by Mining Consumer Reviews," Management Science, INFORMS, vol. 57(8), pages 1485-1509, August.
    8. Song, Yongming & Li, Guangxu & Li, Tie & Li, Yanhong, 2021. "A purchase decision support model considering consumer personalization about aspirations and risk attitudes," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    9. Axsen, Jonn & Mountain, Dean C. & Jaccard, Mark, 2009. "Combining stated and revealed choice research to simulate the neighbor effect: The case of hybrid-electric vehicles," Institute of Transportation Studies, Working Paper Series qt02n9j6cv, Institute of Transportation Studies, UC Davis.
    10. Zhao, Meina & Wang, Xuqi, 2021. "Perception value of product-service systems: Neural effects of service experience and customer knowledge," Journal of Retailing and Consumer Services, Elsevier, vol. 62(C).
    11. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    12. Yongming Song & Guangxu Li & Daji Ergu & Na Liu, 2022. "An optimisation-based method to conduct consistency and consensus in group decision making under probabilistic uncertain linguistic preference relations," Journal of the Operational Research Society, Taylor & Francis Journals, vol. 73(4), pages 840-854, March.
    13. Axsen, Jonn & Mountain, Dean C. & Jaccard, Mark, 2009. "Combining stated and revealed choice research to simulate the neighbor effect: The case of hybrid-electric vehicles," Resource and Energy Economics, Elsevier, vol. 31(3), pages 221-238, August.
    14. Dokyun Lee & Kartik Hosanagar, 2021. "How Do Product Attributes and Reviews Moderate the Impact of Recommender Systems Through Purchase Stages?," Management Science, INFORMS, vol. 67(1), pages 524-546, January.
    15. David E. Bell, 1982. "Regret in Decision Making under Uncertainty," Operations Research, INFORMS, vol. 30(5), pages 961-981, October.
    16. Zhang, Huanhuan & Kou, Gang & Peng, Yi, 2019. "Soft consensus cost models for group decision making and economic interpretations," European Journal of Operational Research, Elsevier, vol. 277(3), pages 964-980.
    17. Daria Dzyabura & John R. Hauser, 2019. "Recommending Products When Consumers Learn Their Preference Weights," Marketing Science, INFORMS, vol. 38(3), pages 417-441, May.
    18. Jang, Sungsoon & Choi, Jae Young, 2021. "Which consumer attributes will act crucial roles for the fast market adoption of electric vehicles?: Estimation on the asymmetrical & heterogeneous consumer preferences on the EVs," Energy Policy, Elsevier, vol. 156(C).
    19. Yi, Jisu & Oh, Yun Kyung, 2022. "The informational value of multi-attribute online consumer reviews: A text mining approach," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).
    20. Yang, Guo-liang & Yang, Jian-Bo & Xu, Dong-Ling & Khoveyni, Mohammad, 2017. "A three-stage hybrid approach for weight assignment in MADM," Omega, Elsevier, vol. 71(C), pages 93-105.
    21. Opricovic, Serafim & Tzeng, Gwo-Hshiung, 2004. "Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS," European Journal of Operational Research, Elsevier, vol. 156(2), pages 445-455, July.
    22. Peter C. Fishburn, 1967. "Letter to the Editor—Additive Utilities with Incomplete Product Sets: Application to Priorities and Assignments," Operations Research, INFORMS, vol. 15(3), pages 537-542, June.
    23. Decui Liang & Mingwei Wang & Zeshui Xu & Xu Chen, 2021. "Risk interval-valued three-way decisions model with regret theory and its application to project resource allocation," Journal of the Operational Research Society, Taylor & Francis Journals, vol. 72(1), pages 180-199, January.
    24. Xiaosong Ren & Sha Sun & Rong Yuan, 2021. "A Study on Selection Strategies for Battery Electric Vehicles Based on Sentiments, Analysis, and the MCDM Model," Mathematical Problems in Engineering, Hindawi, vol. 2021, pages 1-23, August.
    25. Ruichen Zhang & Zeshui Xu & Xunjie Gou, 2023. "ELECTRE II method based on the cosine similarity to evaluate the performance of financial logistics enterprises under double hierarchy hesitant fuzzy linguistic environment," Fuzzy Optimization and Decision Making, Springer, vol. 22(1), pages 23-49, March.
    26. Zhang, Hong-yu & Ji, Pu & Wang, Jian-qiang & Chen, Xiao-hong, 2017. "A novel decision support model for satisfactory restaurants utilizing social information: A case study of TripAdvisor.com," Tourism Management, Elsevier, vol. 59(C), pages 281-297.
    27. Higgins, Christopher D. & Mohamed, Moataz & Ferguson, Mark R., 2017. "Size matters: How vehicle body type affects consumer preferences for electric vehicles," Transportation Research Part A: Policy and Practice, Elsevier, vol. 100(C), pages 182-201.
    28. Heidary Dahooie, Jalil & Raafat, Romina & Qorbani, Ali Reza & Daim, Tugrul, 2021. "An intuitionistic fuzzy data-driven product ranking model using sentiment analysis and multi-criteria decision-making," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    29. Gang Kou & Özlem Olgu Akdeniz & Hasan Dinçer & Serhat Yüksel, 2021. "Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-28, December.
    30. Xunjie Gou & Zeshui Xu & Huchang Liao & Francisco Herrera, 2021. "Probabilistic double hierarchy linguistic term set and its use in designing an improved VIKOR method: The application in smart healthcare," Journal of the Operational Research Society, Taylor & Francis Journals, vol. 72(12), pages 2611-2630, December.
    31. Himanshu Sharma & Abhishek Tandon & P. K. Kapur & Anu G. Aggarwal, 2019. "Ranking hotels using aspect ratings based sentiment classification and interval-valued neutrosophic TOPSIS," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 10(5), pages 973-983, October.
    32. Ecer, Fatih, 2021. "A consolidated MCDM framework for performance assessment of battery electric vehicles based on ranking strategies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 143(C).
    33. Fernandez-Jimenez, L. Alfredo & Mendoza-Villena, Montserrat & Zorzano-Santamaria, Pedro & Garcia-Garrido, Eduardo & Lara-Santillan, Pedro & Zorzano-Alba, Enrique & Falces, Alberto, 2015. "Site selection for new PV power plants based on their observability," Renewable Energy, Elsevier, vol. 78(C), pages 7-15.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Paweł Ziemba & Marek Kannchen & Mariusz Borawski, 2024. "Selection of the Family Electric Car Based on Objective and Subjective Criteria—Analysis of a Case Study of Polish Consumers," Energies, MDPI, vol. 17(6), pages 1-27, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mustafa Hamurcu & Tamer Eren, 2023. "Multicriteria decision making and goal programming for determination of electric automobile aimed at sustainable green environment: a case study," Environment Systems and Decisions, Springer, vol. 43(2), pages 211-231, June.
    2. Noel, Lance & Papu Carrone, Andrea & Jensen, Anders Fjendbo & Zarazua de Rubens, Gerardo & Kester, Johannes & Sovacool, Benjamin K., 2019. "Willingness to pay for electric vehicles and vehicle-to-grid applications: A Nordic choice experiment," Energy Economics, Elsevier, vol. 78(C), pages 525-534.
    3. Ye Yang & Zhongfu Tan, 2019. "Investigating the Influence of Consumer Behavior and Governmental Policy on the Diffusion of Electric Vehicles in Beijing, China," Sustainability, MDPI, vol. 11(24), pages 1-20, December.
    4. Gabriela D. Oliveira & Luis C. Dias, 2019. "Influence of Demographics on Consumer Preferences for Alternative Fuel Vehicles: A Review of Choice Modelling Studies and a Study in Portugal," Energies, MDPI, vol. 12(2), pages 1-33, January.
    5. Bera, Reema & Maitra, Bhargab, 2021. "Assessing consumer preferences for Plug-in Hybrid Electric Vehicle (PHEV): An Indian perspective," Research in Transportation Economics, Elsevier, vol. 90(C).
    6. Reema Bera & Bhargab Maitra, 2021. "Analyzing Prospective Owners’ Choice Decision towards Plug-in Hybrid Electric Vehicles in Urban India: A Stated Preference Discrete Choice Experiment," Sustainability, MDPI, vol. 13(14), pages 1-24, July.
    7. Wei Wei & Ming Cao & Qianling Jiang & Sheng-Jung Ou & Hong Zou, 2020. "What Influences Chinese Consumers’ Adoption of Battery Electric Vehicles? A Preliminary Study Based on Factor Analysis," Energies, MDPI, vol. 13(5), pages 1-15, February.
    8. Huang, Youlin & Qian, Lixian & Tyfield, David & Soopramanien, Didier, 2021. "On the heterogeneity in consumer preferences for electric vehicles across generations and cities in China," Technological Forecasting and Social Change, Elsevier, vol. 167(C).
    9. Soares, N. & Martins, A.G. & Carvalho, A.L. & Caldeira, C. & Du, C. & Castanheira, É. & Rodrigues, E. & Oliveira, G. & Pereira, G.I. & Bastos, J. & Ferreira, J.P. & Ribeiro, L.A. & Figueiredo, N.C. & , 2018. "The challenging paradigm of interrelated energy systems towards a more sustainable future," Renewable and Sustainable Energy Reviews, Elsevier, vol. 95(C), pages 171-193.
    10. Mandys, F., 2021. "Electric vehicles and consumer choices," Renewable and Sustainable Energy Reviews, Elsevier, vol. 142(C).
    11. Elnaz Abotalebi & Mark R. Ferguson & Moataz Mohamed & Darren M. Scott, 2020. "Design of a survey to assess prospects for consumer electric mobility in Canada: a retrospective appraisal," Transportation, Springer, vol. 47(3), pages 1223-1250, June.
    12. Yang, J. & Chen, F., 2021. "How are social-psychological factors related to consumer preferences for plug-in electric vehicles? Case studies from two cities in China," Renewable and Sustainable Energy Reviews, Elsevier, vol. 149(C).
    13. Oliveira, Gabriela D. & Roth, Richard & Dias, Luis C., 2019. "Diffusion of alternative fuel vehicles considering dynamic preferences," Technological Forecasting and Social Change, Elsevier, vol. 147(C), pages 83-99.
    14. Loría, Luis Enrique & Watson, Verity & Kiso, Takahiko & Phimister, Euan, 2019. "Investigating users' preferences for Low Emission Buses: Experiences from Europe's largest hydrogen bus fleet," Journal of choice modelling, Elsevier, vol. 32(C), pages 1-1.
    15. Meilinda Fitriani Nur Maghfiroh & Andante Hadi Pandyaswargo & Hiroshi Onoda, 2021. "Current Readiness Status of Electric Vehicles in Indonesia: Multistakeholder Perceptions," Sustainability, MDPI, vol. 13(23), pages 1-25, November.
    16. Kim, Kyungah & Lee, Jongsu & Kim, Junghun, 2021. "Can liquefied petroleum gas vehicles join the fleet of alternative fuel vehicles? Implications of transportation policy based on market forecast and environmental impact," Energy Policy, Elsevier, vol. 154(C).
    17. Todd D. Gerarden & Richard G. Newell & Robert N. Stavins, 2017. "Assessing the Energy-Efficiency Gap," Journal of Economic Literature, American Economic Association, vol. 55(4), pages 1486-1525, December.
    18. Xiong, Siqin & Yuan, Yi & Yao, Jia & Bai, Bo & Ma, Xiaoming, 2023. "Exploring consumer preferences for electric vehicles based on the random coefficient logit model," Energy, Elsevier, vol. 263(PA).
    19. Jinyi Hu, 2023. "Linguistic Multiple-Attribute Decision Making Based on Regret Theory and Minimax-DEA," Mathematics, MDPI, vol. 11(20), pages 1-14, October.
    20. Martín Egozcue & Xu Guo & Wing-Keung Wong, 2015. "Optimal output for the regret-averse competitive firm under price uncertainty," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 5(2), pages 279-295, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:joreco:v:73:y:2023:i:c:s0969698923000504. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/journal-of-retailing-and-consumer-services .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.