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Interactive Agency Choice in Automobile Purchase Decisions: The Role of Negotiation in Determining Equilibrium Choice Outcomes

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  • David A. Hensher
  • John M. Rose
  • Ian Black
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    Abstract

    There is a renewed interest in the development of behavioural models designed to identify the major determinants of household vehicle purchase. This is due, in part, to the growing interest in the economic viability of the automobile industry, rising fuel costs and increasing enhanced greenhouse gas emissions. The focus of all known research activity is on establishing the preferences for specific vehicle attributes from a single member of a household, almost oblivious to a recognised position that automobile purchase choices are commonly made by more than one decision maker. In this paper we briefly review the state of the art in vehicle purchase decision models, and set out a framework for interactive agency review and assessment of alternatives in the context of two agents negotiating the purchase of an automobile. We estimate a sequence of mixed logit models to illustrate how the method is implemented to accommodate the role of each agent. © 2008 LSE and the University of Bath

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    File URL: http://www.catchword.com/cgi-bin/cgi?ini=bc&body=linker&reqidx=0022-5258(20080501)42:2L.269;1-
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    Bibliographic Info

    Article provided by London School of Economics and University of Bath in its journal Journal of Transport Economics and Policy.

    Volume (Year): 42 (2008)
    Issue (Month): 2 (May)
    Pages: 269-296

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    Handle: RePEc:tpe:jtecpo:v:42:y:2008:i:2:p:269-296

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    Web page: http://www.bath.ac.uk/e-journals/jtep

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    Cited by:
    1. Marit Kragt & Jeffrey Bennett, 2012. "Attribute Framing in Choice Experiments: How Do Attribute Level Descriptions Affect Value Estimates?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 51(1), pages 43-59, January.
    2. Marcella Veronesi & Martina Menon & Federico Perali, 2007. "Extensions of the Traditional Travel Cost Model of Non-Market Valuation to a Collective Framework: Evidence from the Field," Working Papers 42/2007, University of Verona, Department of Economics.
    3. Bliemer, Michiel C.J. & Rose, John M., 2011. "Experimental design influences on stated choice outputs: An empirical study in air travel choice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 63-79, January.

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