Modeling choice among assortments.

In this paper we propose a model for describing consumer decision making among assortments or menus of options from which a single option will be chosen at a later time. Central to the derivation of the model is an assumption that consumers are uncertain about their future preferences. The model captures both the utility of the items within the assortments as well as the flexibility the items offer as a group. We support our model empirically with two laboratory experiments. In the first experiment we test the underlying assumptions. In the second, we compare the predictive validity of our model to that provided by other models suggested in the literature. Disciplines Behavioral Economics | Business | Cognition and Perception | Cognitive Psychology | Experimental Analysis of Behavior | Marketing This technical report is available at ScholarlyCommons: https://repository.upenn.edu/marketing_papers/241 Published in: Journal of Retailing COLUMBIA BUSINESS SCHOOL 1 COLUMBIA BUSINESS SCHOOL 2 COLUMBIA BUSINESS SCHOOL 3 COLUMBIA BUSINESS SCHOOL 4 COLUMBIA BUSINESS SCHOOL 5 COLUMBIA BUSINESS SCHOOL 6 COLUMBIA BUSINESS SCHOOL 7 COLUMBIA BUSINESS SCHOOL 8 COLUMBIA BUSINESS SCHOOL 9 COLUMBIA BUSINESS SCHOOL 10 COLUMBIA BUSINESS SCHOOL 11 COLUMBIA BUSINESS SCHOOL 12 COLUMBIA BUSINESS SCHOOL 13 COLUMBIA BUSINESS SCHOOL 14 COLUMBIA BUSINESS SCHOOL 15 COLUMBIA BUSINESS SCHOOL 16 COLUMBIA BUSINESS SCHOOL 17 COLUMBIA BUSINESS SCHOOL 18 COLUMBIA BUSINESS SCHOOL 19 COLUMBIA BUSINESS SCHOOL 20 COLUMBIA BUSINESS SCHOOL 21 COLUMBIA BUSINESS SCHOOL 22 COLUMBIA BUSINESS SCHOOL 23 COLUMBIA BUSINESS SCHOOL 24 COLUMBIA BUSINESS SCHOOL 25 COLUMBIA BUSINESS SCHOOL 26