REES Brown Bag Seminar: Dr. Xiaoli Fan, University of Alberta – Thursday, November 9, 2023

Date(s) - 09/11/2023
3:30 pm - 4:30 pm
550 General Services Building, 550 General Services Building University of Alberta , Edmonton Alberta

Title: Consumer Preference for Production Claims on Food Labels: Joint Estimation of Choice and Response Time Data Using Race Models

Speaker: Xiaoli Fan, Assistant Professor,  Department of REES, University of Alberta

Date: Thursday, November 9, 2023

Time: 3:30 pm – 4:30 pm

Location: GSB 550


Response time – the time it takes to make choices – contains important information about people’s preferences. However, traditional economic studies in choice modeling have mostly focused on modeling the outcome of the decision-making process (i.e., choice), ignoring the decision-making process itself. In contrast, researchers in cognitive science and psychology have developed models to study the choice process, including the use of response time. A large and growing literature has shown that response time can provide valuable insights into the cognitive processes involved in decision-making. One such class of models, known as race models, can model both choice and response time simultaneously. In this paper, we test the applicability of several popular race models to data (both choice and response time) collected from a discrete choice experiment studying consumer preference for various production claims on food labels. We also discuss the advantages and challenges of using race models to analyze data collected from discrete choice experiments.

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