Decision-making methodologies of consumers with special reference to the effects of the nature of choice sets and uncertainty

Abstract

This project is the second of two projects on the nature of decision-making. In an earlier project (with Rahul Parihar) titled “Study of Pricing Policies of Cellular Service Providers”, the nature of decision-making from a completely atomistic viewpoint was explored. In this project, we seek to determine the effects of ‘social embeddedness’ on decision-making. In particular, we adopt Mark Granovetter’s ‘threshold model’ to study the effects of embeddedness on students making job choices. In doing so, we attempt to validate the threshold model in the given context.