Determinants of Experienced Utility: Laws and Implications

This study examines the impact of Hanok experience on tourists’ attitude and behavioral intention using the experience economy ( Pine and Gilmore, 1998 ) and the experienced utility theory ( Kahneman et al., 1997 ). Specifically, the study explores how tourists’ experiences are associated with a Value-Attitude-Behavior (VAB) model in the context of a heritage tourism attraction such as Jeonju Hanok Village in South Korea. A total of 323 responses were examined using SEM analysis. The results revealed that educational, entertainment, and escapism experiences significantly influenced functional value. Functional value had a significant relationship with attitude, which was positively related to behavioral intention. The results indicate the interplay of tourists’ experiences with the VAB model. The study provides theoretical and practical implications for tourism and hospitality academics and practitioners.

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Happy with Your Capabilities? Valuing ICECAP-O and ICECAP-A States Based on Experienced Utility Using Subjective Well-Being Data

Medical Decision Making ◽

10.1177/0272989x20923015 ◽

2020 ◽

Vol 40 (4) ◽

pp. 498-510

Author(s):

Sebastian Himmler ◽

Job van Exel ◽

Werner Brouwer

Keyword(s):

Regression Models ◽

Well Being ◽

Economic Evaluations ◽

Subjective Well Being ◽

Composite Measure ◽

Target Groups ◽

Cross Sectional ◽

Experienced Utility ◽

Decision Utility ◽

Value Sets

Background. The ICECAP-O and the ICECAP-A are validated capability well-being instruments. To be used in economic evaluations, multidimensional instruments require weighting of the distinguished well-being states. These weights are usually obtained through ex ante preference elicitation (i.e., decision utility) but could also be based on experienced utility. Objective. This article describes the development of value sets for ICECAP-O and ICECAP-A based on experienced utility and compares them with current decision utility weights. Methods. Data from 2 cross-sectional samples corresponding to the target groups of ICECAP-O and ICECAP-A were used in 2 separate analyses. The utility impacts of ICECAP-O and ICECAP-A levels were assessed through regression models using a composite measure of subjective well-being as a proxy for experienced utility. The observed utility impacts were rescaled to match the 0 to 1 range of the existing value set. Results. The calculated experienced utility values were similar to the decision utility weights for some of the ICECAP dimensions but deviated for others. The largest differences were found for weights of the ICECAP-O dimension enjoyment and the ICECAP-A dimensions attachment and autonomy. Conclusions. The results suggest a different weighting of ICECAP-O and ICECAP-A levels if experienced utility is used instead of decision utility.

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Opposite environmental gating of the experienced utility (‘liking’) and decision utility (‘wanting’) of heroin versus cocaine in animals and humans: implications for computational neuroscience

Psychopharmacology ◽

10.1007/s00213-019-05318-9 ◽

2019 ◽

Vol 236 (8) ◽

pp. 2451-2471 ◽

Cited By ~ 2

Author(s):

Aldo Badiani ◽

Daniele Caprioli ◽

Silvana De Pirro

Keyword(s):

Computational Neuroscience ◽

Experienced Utility ◽

Decision Utility

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Decision and Experienced Utility: Computational Applications in Privacy Decision Making

IEEE Security & Privacy ◽

10.1109/msp.2017.4251104 ◽

2017 ◽

Vol 15 (6) ◽

pp. 68-72 ◽

Cited By ~ 2

Author(s):

Fariborz Farahmand

Keyword(s):

Decision Making ◽

Experienced Utility

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Private Paternalism, the Commitment Puzzle, and Model-Free Equilibrium

AEA Papers and Proceedings ◽

10.1257/pandp.20181124 ◽

2018 ◽

Vol 108 ◽

pp. 1-21 ◽

Cited By ~ 5

Author(s):

David Laibson

Keyword(s):

Labor Market ◽

Private Institutions ◽

Formal Sector ◽

Present Bias ◽

Household Sector ◽

Model Free ◽

Experienced Utility ◽

History Of ◽

Commitment Mechanisms ◽

Forcing Mechanisms

Paternalism is a policy that advances an individual's interests by restricting his or her freedom. In a setting with present-biased agents, I characterize the scope of private paternalism—paternalism implemented by private institutions. Private paternalism arises from two channels: (i) agents who seek commitment because they hold sophisticated beliefs about their present bias, and (ii) agents (naive or sophisticated) who use model-free forecasts to choose organizations that have a history of generating high experienced utility flows for their members (O'Donoghue and Rabin 1999b). When naive consumers are common, private paternalism will be shrouded, explaining why commitment mechanisms are typically shrouded in the labor market (the commitment puzzle). Private paternalism has greater traction when production occurs in the formal sector instead of the informal (household) sector, where monitors are not always present, able, or willing to implement socially efficient forcing mechanisms.

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