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Open AccessArticle

Selecting Products Considering the Regret Behavior of Consumer: A Decision Support Model Based on Online Ratings

School of Management Science and Engineering, Shandong University of Finance and Economics, Jinan 250014, China
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Symmetry 2018, 10(5), 178; https://doi.org/10.3390/sym10050178
Received: 16 April 2018 / Revised: 13 May 2018 / Accepted: 17 May 2018 / Published: 21 May 2018
With the remarkable promotion of e-commerce platforms, consumers increasingly prefer to purchase products online. Online ratings facilitate consumers to choose among products. Thus, to help consumers effectively select products, it is necessary to provide decision support methods for consumers to trade online. Considering the decision makers are bounded rational, this paper proposes a novel decision support model for product selection based on online ratings, in which the regret aversion behavior of consumers is formulated. Massive online ratings provided by experienced consumers for alternative products associated with several evaluation attributes are obtained by software finders. Then, the evaluations of alternative products in format of stochastic variables are conducted. To select a desirable alternative product, a novel method is introduced to calculate gain and loss degrees of each alternative over others. Considering the regret behavior of consumers in the product selection process, the regret and rejoice values of alternative products for consumer are computed to obtain the perceived utility values of alternative products. According to the prior order of the evaluation attributes provided by the consumer, the prior weights of attributes are determined based on the perceived utility values of alternative products. Furthermore, the overall perceived utility values of alternative products are obtained to generate a ranking result. Finally, a practical example from Zol.com.cn for tablet computer selection is used to demonstrate the feasibility and practically of the proposed model. View Full-Text
Keywords: decision support model; product selection; online ratings; regret theory; stochastic variables decision support model; product selection; online ratings; regret theory; stochastic variables
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Liang, X.; Liu, P.; Liu, Z. Selecting Products Considering the Regret Behavior of Consumer: A Decision Support Model Based on Online Ratings. Symmetry 2018, 10, 178.

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