Consumer Choice Models And Estimation

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Consumer Choice Models and Estimation

Author : Qi Feng
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Consumer Choice Models and Estimation by : Qi Feng

Download or read book Consumer Choice Models and Estimation written by Qi Feng and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice models are widely applied in psychology, economics, transportation, marketing and operations studies. We review the existing developments on the modeling of consumers' choices, including the attraction model, the utility-based model, the temporal model, and the rank-based model. The relationships among different classes of structural models are established and analyzed. Moreover, an operational data analytics (ODA) framework is presented to estimate the general consumer choice model using data. This framework, generalizing the existing estimation methods for specific structural models, strikes a delicate balance between the (likely imprecise) structural knowledge and the data. This is achieved by articulating the domain of validation through extending the structural knowledge and by formulating the data-integration model based on the associated structural properties. We demonstrate the implementation of the ODA framework to identify the appropriate consumer choice models. The ODA estimate outperforms the existing parametric and nonparametric methods, particularly over the choice sets that are not covered in the data. We also discuss potential future research of developing ODA approaches to study the related aspects of consumer choice models.

Choice Models in Marketing

Author : Sandeep R. Chandukala
Publisher : Now Publishers Inc
ISBN 13 : 1601981643
Total Pages : 100 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Choice Models in Marketing by : Sandeep R. Chandukala

Download or read book Choice Models in Marketing written by Sandeep R. Chandukala and published by Now Publishers Inc. This book was released on 2008 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice Models in Marketing examines recent developments in the modeling of choice for marketing and reviews a large stream of research currently being developed by both quantitative and qualitative researches in marketing. Choice in marketing differs from other domains in that the choice context is typically very complex, and researchers' desire knowledge of the variables that ultimately lead to demand in marketplace. The marketing choice context is characterized by many choice alternatives. The aim of Choice Models in Marketing is to lay out the foundations of choice models and discuss recent advances. The authors focus on aspects of choice that can be quantitatively modeled and consider models related to a process of constrained utility maximization. By reviewing the basics of choice modeling and pointing to new developments, Choice Models in Marketing provides a platform for future research.

Discrete Choice Methods with Simulation

Author : Kenneth Train
Publisher : Cambridge University Press
ISBN 13 : 0521766559
Total Pages : 399 pages
Book Rating : 4.5/5 (217 download)

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Book Synopsis Discrete Choice Methods with Simulation by : Kenneth Train

Download or read book Discrete Choice Methods with Simulation written by Kenneth Train and published by Cambridge University Press. This book was released on 2009-07-06 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.

Consumer Choice and Market Expansion

Author : Ruxian Wang
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Consumer Choice and Market Expansion by : Ruxian Wang

Download or read book Consumer Choice and Market Expansion written by Ruxian Wang and published by . This book was released on 2020 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market size, measured by the number of people who are interested in products from the same category, may be highly influenced by assortment planning and pricing decisions. This effect is referred to as market expansion. In this paper, we incorporate the market expansion effects into consumer choice models and investigate assortment and pricing problems. In particular, we take the widely used multinomial logit model as a showcase to examine the market expansion effects on assortment planning and pricing, and also propose an alternating-optimization expectation-maximization method, which separates the estimation of consumer choice behavior and the market expansion effects, to calibrate the new model. Our empirical study on a real data set shows the efficiency of our estimation method and the importance of incorporating the market expansion effects into consumer choice models. Failure to account for the market expansion effects may lead to substantial losses in demand estimation and operations management.

Discrete Choice Analysis

Author : Moshe Ben-Akiva
Publisher : MIT Press
ISBN 13 : 0262536404
Total Pages : 414 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Discrete Choice Analysis by : Moshe Ben-Akiva

Download or read book Discrete Choice Analysis written by Moshe Ben-Akiva and published by MIT Press. This book was released on 2018-04-20 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discrete Choice Analysis presents these results in such a way that they are fully accessible to the range of students and professionals who are involved in modelling demand and consumer behavior in general or specifically in transportation - whether from the point of view of the design of transit systems, urban and transport economics, public policy, operations research, or systems management and planning. The methods of discrete choice analysis and their applications in the modelling of transportation systems constitute a comparatively new field that has largely evolved over the past 15 years. Since its inception, however, the field has developed rapidly, and this is the first text and reference work to cover the material systematically, bringing together the scattered and often inaccessible results for graduate students and professionals. Discrete Choice Analysis presents these results in such a way that they are fully accessible to the range of students and professionals who are involved in modelling demand and consumer behavior in general or specifically in transportation - whether from the point of view of the design of transit systems, urban and transport economics, public policy, operations research, or systems management and planning. The introductory chapter presents the background of discrete choice analysis and context of transportation demand forecasting. Subsequent chapters cover, among other topics, the theories of individual choice behavior, binary and multinomial choice models, aggregate forecasting techniques, estimation methods, tests used in the process of model development, sampling theory, the nested-logit model, and systems of models. Discrete Choice Analysis is ninth in the MIT Press Series in Transportation Studies, edited by Marvin Manheim.

A Comparison of Qualitative Response Models of Consumer Choice

Author : Vighala R. Rao
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis A Comparison of Qualitative Response Models of Consumer Choice by : Vighala R. Rao

Download or read book A Comparison of Qualitative Response Models of Consumer Choice written by Vighala R. Rao and published by . This book was released on 1977 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Choice Modelling

Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1781007276
Total Pages : 322 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Choice Modelling by : Stephane Hess

Download or read book Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This collection of papers, by leading researchers in the field, provides an excellent view of the current state of research and applications. Exciting new techniques are presented, and realistic solutions are offered to issues that arise in applied work. It is an admirably rich volume, offering valuable insights for all readers of choice modeling.' Kenneth Train, University of California, Berkeley and NERA Economic Consulting, Inc., San Francisco, California, US 'I'm an enthusiastic fan of the ICMC, where researchers are friendly, genuinely interested in learning from and helping one another. There is much to learn because each discipline brings a different perspective to the field and to theoretical and applied problems in decision-making and choice behavior. The ICMC embodies the philosophy that most real choice problems are complex and require a cross-disciplinary approach. The papers in this volume represent an eclectic cross-section of the topics covered by key researchers in the field. I look forward to getting our PhD students and postdocs stuck into them.' Jordan Louviere, University of Technology Sydney, Australia Choice modelling has been one of the most active fields in economics over recent years. This valuable new book contains leading contributions from academics and practitioners from across the different areas of study where choice modelling is a key analytical technique, drawn from a recent international conference. Choice models explain the behaviour of individuals by quantifying their values, responses and perceptions of attributes describing the various options (alternatives) available to them. Policy makers and planners have long since recognised the potential of using choice models for guidance purposes, with applications in fields as diverse as transport analysis, healthcare, telecommunications, public service evaluation and energy. The unique mix of theoretical and applied chapters will appeal to academics, students, researchers and practitioners in various fields, as well as anyone with a general interest in the subject.

Handbook of Choice Modelling

Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1781003157
Total Pages : 721 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Handbook of Choice Modelling by : Stephane Hess

Download or read book Handbook of Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2014-08-29 with total page 721 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Choice Modelling, composed of contributions from senior figures in the field, summarizes the essential analytical techniques and discusses the key current research issues. The book opens with Nobel Laureate Daniel McFadden calling for d

Consumer Choice Models with Endogenous Network Effects

Author : Ruxian Wang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Consumer Choice Models with Endogenous Network Effects by : Ruxian Wang

Download or read book Consumer Choice Models with Endogenous Network Effects written by Ruxian Wang and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Network externality arises when the utility of a product depends not only on its attributes, but also on the number of consumers who purchase the same product. In this paper, we propose and analyze consumer choice models that endogenize such network externality. We first characterize the choice probabilities under such models and conduct studies on comparative statics. Then we investigate the assortment optimization problem under such choice models. Although the problem is generally NP-hard, we show that a new class of assortments, called quasi-revenue-ordered assortments, which consist of a revenue-ordered assortment plus at most one additional item, are optimal under mild conditions. We also propose an iterative estimation method to calibrate such choice models, for both uncensored and censored data cases. An empirical study on a mobile game dataset shows that our proposed model can provide better fits for the data, increase the prediction accuracy for consumer choices and potentially increase revenue.

Formal Choice Models in Marketing

Author : Marcel Corstjens
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Formal Choice Models in Marketing by : Marcel Corstjens

Download or read book Formal Choice Models in Marketing written by Marcel Corstjens and published by . This book was released on 1981 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two-Sided Matching

Author : Alvin E. Roth
Publisher : Cambridge University Press
ISBN 13 : 1107782430
Total Pages : 288 pages
Book Rating : 4.1/5 (77 download)

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Book Synopsis Two-Sided Matching by : Alvin E. Roth

Download or read book Two-Sided Matching written by Alvin E. Roth and published by Cambridge University Press. This book was released on 1992-06-26 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two-sided matching provides a model of search processes such as those between firms and workers in labor markets or between buyers and sellers in auctions. This book gives a comprehensive account of recent results concerning the game-theoretic analysis of two-sided matching. The focus of the book is on the stability of outcomes, on the incentives that different rules of organization give to agents, and on the constraints that these incentives impose on the ways such markets can be organized. The results for this wide range of related models and matching situations help clarify which conclusions depend on particular modeling assumptions and market conditions, and which are robust over a wide range of conditions. 'This book chronicles one of the outstanding success stories of the theory of games, a story in which the authors have played a major role: the theory and practice of matching markets ... The authors are to be warmly congratulated for this fine piece of work, which is quite unique in the game-theoretic literature.' From the Foreword by Robert Aumann

When Prospect Theory Meets Consumer Choice Models

Author : Ruxian Wang
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis When Prospect Theory Meets Consumer Choice Models by : Ruxian Wang

Download or read book When Prospect Theory Meets Consumer Choice Models written by Ruxian Wang and published by . This book was released on 2018 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problem Definition: Reference prices arise as price expectations against which consumers evaluate products in their purchase scenarios. We investigate what will happen when prospect theory (e.g., reference prices) meets consumer choice models from the perspectives of both the consumers and the firm.Academic/Practical Relevance: Consumers see multiple relevant products on a particular purchase occasion, and often compare their prices to form the willingness to pay when considering whether to purchase a particular product. Reference prices, which are not included in many choice models, may impact consumer choice behavior, so we incorporate reference prices into consumer choice models and investigate the operations management problems.Methodology: We take the widely used multi-nomial logit model as a showcase to examine the effects of reference prices through analytical and empirical study. We consider the optimization problems on assortment planning and pricing under consumer choice models with a variety of reference prices, including the lowest price and the assortment variety.Results: Our empirical study on a real data set demonstrates that incorporating reference prices into choice models can significantly improve goodness-of-fit and prediction accuracy of consumer choice behavior. Furthermore, we characterize the optimal policies for the assortment planning and pricing problems under the consumer choice models with various reference prices. In particular for the pricing problems under the reference prices defined by either the lowest price or assortment variety, we show that the optimal pricing policy has the following structure: products can be grouped into several categories based on their costs; the products in the same category charge either the same profit markup or the same price.Managerial Implications: In practice, reference prices should be taken into account in model estimation and operations management. Ignoring reference prices may lead to substantial losses.

Estimate of a More General Model of Consumer Choice in the Housing Market

Author : Quigley
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Estimate of a More General Model of Consumer Choice in the Housing Market by : Quigley

Download or read book Estimate of a More General Model of Consumer Choice in the Housing Market written by Quigley and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Demand Estimation and Forecasting Using Neuroeconomic Models of Consumer Choice

Author : Nan Chen
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Demand Estimation and Forecasting Using Neuroeconomic Models of Consumer Choice by : Nan Chen

Download or read book Demand Estimation and Forecasting Using Neuroeconomic Models of Consumer Choice written by Nan Chen and published by . This book was released on 2019 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: A foundational problem in marketing and economics involves accurately predicting purchase decisions at both individual and aggregate levels. Building on recent advances in neuroeconomic models of decision making, we investigate the possibility of improving upon the prediction accuracy of popular existing approaches based on the multinomial logit model (MNL). Specifically, using a neuroeconomic model that incorporates response times in addition to choice data, we compare the out-of-sample prediction accuracy of both approaches using a series of consumer choice experiments. We show that our neuroeconomic model robustly outperformed the standard MNL approach in providing accurate forecasts on diverse measures including revenue, market share, and market cannibalization. Finally, we develop a generalizable framework to assess the relative strengths and weaknesses of our neuroeconomic approach compared to current modeling techniques.

The Choice Modelling Approach to Environmental Valuation

Author : Jeff Bennett
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781956601
Total Pages : 288 pages
Book Rating : 4.9/5 (566 download)

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Book Synopsis The Choice Modelling Approach to Environmental Valuation by : Jeff Bennett

Download or read book The Choice Modelling Approach to Environmental Valuation written by Jeff Bennett and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: '. . . a very useful single source for those interested in environmental evaluation using choice models.' - David A. Hensher, Australian Journal of Environmental Management '. . . this book can serve as a firm basis to start understanding what CM is about. . .' - Jesús Barreiro Hurlé, European Review of Agricultural Economics Choice Modelling is a technique that has recently emerged as a means of estimating the demand for environmental goods and the benefits and costs associated with them. The aims of the book are fourfold: * to introduce the technique in the environmental context * to demonstrate its use in a range of case studies * to provide insights into some methodological issues * to explore the prospects for the technique.

Handbook of Choice Modelling

Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1800375638
Total Pages : 797 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Handbook of Choice Modelling by : Stephane Hess

Download or read book Handbook of Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2024-06-05 with total page 797 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thoroughly revised second edition Handbook provides an authoritative and in-depth overview of choice modelling, covering essential topics range from data collection through model specification and estimation to analysis and use of results. It aptly emphasises the broad relevance of choice modelling when applied to a multitude of fields, including but not limited to transport, marketing, health and environmental economics.

A Method to Estimate Discrete Choice Models that is Robust to Consumer Search

Author : Jason Abaluck
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (118 download)

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Book Synopsis A Method to Estimate Discrete Choice Models that is Robust to Consumer Search by : Jason Abaluck

Download or read book A Method to Estimate Discrete Choice Models that is Robust to Consumer Search written by Jason Abaluck and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We state a sufficient condition under which choice data alone suffices to identify consumer preferences when choices are not fully informed. Suppose that: (i) the data generating process is a search model in which the attribute hidden to consumers is observed by the econometrician; (ii) if a consumer searches good j, she also searches goods which are better than j in terms of the non-hidden component of utility; and (iii) consumers choose the good that maximizes overall utility among searched goods. Canonical models will be biased: the value of the hidden attribute will be understated because consumers will be unresponsive to variation in the attribute for goods that they do not search. Under the conditions above and additional mild restrictions, an alternative method of recovering preferences using cross derivatives of choice probabilities succeeds regardless of the search protocol and is thus robust to whether consumers are informed. The approach nests several standard models, including full information. Our methods suggest natural tests for full information and can be used to forecast how consumers will respond to additional information. We verify in a lab experiment that our approach succeeds in recovering preferences when consumers engage in costly search.