trpValueFunction_extend: TTri Reference Point Value Function for one element

In avilesd/productConfig: Tools to analyze behavioral patterns from Product Configurators

Description

Auxiliary function: it is based on the value function of the tri-reference point (trp) theory. It's called by trpValueFunction, it takes one element and puts it through the trp value function as seen in reference [1]. Not vectorised.

Usage

trpValueFunction_extend(x, mr = NULL, sq = NULL, g = NULL, beta_f = 5,
  beta_l = 1.5, beta_g = 1, beta_s = 3)

Arguments

x	one numeric value
mr	numeric - Minimum Requirements is the lowest reference point
sq	numeric - Status Quo reference point
g	numeric - Goal reference point
beta(s)	numeric arguments representing the psychological impact of an outcome equaling failer (_f), loss (_l), gain (_g) or success (_s). Default values are taken from our reference paper (5,1,1,3). See references.

Details

The functions test for MR < SQ < G.

The beta arguments are important arguments that give form to the value function proposed in [1]. A higher number represents a higher relative psychological impact to the decision maker. Since in [1] it is assumed that the reference point 'Minimum Requierment' has a greater impact when is not reached (failure aversion), it should have a higher beta, so in general beta_f > beta_l > beta_g > beta_s. See our reference paper for a detailed theoretical background.

On reference points by cost type attr: For a cost attribute it should be true, that a lower value is better for the user, this should also hold for the three reference points. So contrary to normal/benefit attributes for cost attributes reference points should follow that: mr > sq > g.

Value

the output of v(x) with v: trp value function([1]).

References

[1] Wang, X. T.; Johnson, Joseph G. (2012) A tri-reference point theory of decision making under risk. Journal of Experimental Psychology

[2]Wang, X. T.; Johnson, Joseph G. (2012) Supplemental Material for: A tri-reference point theory of decision making under risk. Journal of Experimental Psychology

Examples

# Runnable
trpValueFunction_extend(0.18, mr = 0.15, sq = 0.55, g = 1.10)
trpValueFunction_extend(4, mr = 1, sq = 3, g = 8, beta_f = 7, beta_s = 4)

avilesd/productConfig documentation built on May 11, 2019, 4:08 p.m.