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Threshold Utility Model With Applications To Retailing And Discrete Choice Models
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Book Synopsis Threshold Utility Model with Applications to Retailing and Discrete Choice Models by : Guillermo Gallego
Download or read book Threshold Utility Model with Applications to Retailing and Discrete Choice Models written by Guillermo Gallego and published by . This book was released on 2020 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose and study a threshold utility model (TUM) where consumers buy any product whose net utility exceeds a non-negative, product-specific threshold. The thresholds are selected to maximize the expected surplus of the representative consumer subject to a bound on the expected number of selected products. We show that at optimality the thresholds are product-invariant and that the generalized extreme value (GEV) model is a special case of the TUM. The TUM is shown to yield higher consumer surplus than observing all the products' utilities and selecting the best when the bound is an integer. The model can also be applied with proxy utilities as in on-line shopping, and portfolio management. Comparative statics are applied to the threshold, the purchase probabilities and the expected surplus. Extensions to multi-unit TUM, weighted TUM, multiplicative TUM, discontinuous utility and bound-induced copulas are also considered. We also provide solutions to pricing and assortment optimization problems under the TUM.
Book Synopsis Applied Discrete-Choice Modelling by : David A. Hensher
Download or read book Applied Discrete-Choice Modelling written by David A. Hensher and published by Routledge. This book was released on 2018-04-09 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1981. Discrete-choice modelling is an area of econometrics where significant advances have been made at the research level. This book presents an overview of these advances, explaining the theory underlying the model, and explores its various applications. It shows how operational choice models can be used, and how they are particularly useful for a better understanding of consumer demand theory. It discusses particular problems connected with the model and its use, and reports on the authors’ own empirical research. This is a comprehensive survey of research developments in discrete choice modelling and its applications.
Book Synopsis Assortment Optimization and Pricing Under the Threshold-Based Choice Models by : Xu Tian
Download or read book Assortment Optimization and Pricing Under the Threshold-Based Choice Models written by Xu Tian and published by . This book was released on 2020 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study revenue maximization assortment and pricing problems under threshold-based choice models, where a product is placed in a consumer's consideration set if its utility to the consumer exceeds the utility of an outside option by a specified threshold. We discuss two such models: the relative utility and absolute utility threshold-based choice models. For both models, the best revenue-ordered assortment and same-price policy can not achieve the optimal profit for the assortment problem or the pricing problem. Further, the revenue-maximizing assortment problem is NP-complete or NP-hard. However, we show that a performance guarantee relative to the optimal policy can be found for each model: for the relative utility model, by employing the best revenue-ordered assortment and same-price policy; for the absolute utility model, via a dynamic-program-based algorithm and a same-price policy. Finally, we show that our algorithms can be asymptotically optimal if the search cost of consumers is sufficiently small.
Book Synopsis Context Dependent Discrete Choice Models and Assortment Optimization for Online Retail by : Uzma Mushtaque
Download or read book Context Dependent Discrete Choice Models and Assortment Optimization for Online Retail written by Uzma Mushtaque and published by . This book was released on 2017 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Utility Maximization, Choice and Preference by : Fuad Aleskerov
Download or read book Utility Maximization, Choice and Preference written by Fuad Aleskerov and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.
Book Synopsis Discrete Choice Models by : Bharat P. Bhatta
Download or read book Discrete Choice Models written by Bharat P. Bhatta and published by . This book was released on 2010-01 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discrete choice models are important tools for analysis of individual choice behavior and have been applied in diverse fields, including transport, marketing, economics, environment and so on. This book begins with discussions about basic concepts and theory underlying the econometrics of discrete choice, commonly used models, model building and tests, and applications of choice models. The third chapter categorizes different sources of errors due to the use of network-based level of service (LOS) attributes in disaggregate travel demand modeling. The fourth chapter investigates the errors in variables problem in multinomial choice modeling with an example of logit model of mode choice. The fifth chapter explores the sensitivity of model results to specification of network-based LOS attributes. The sixth chapter addresses the problems of intrazonal trips in mode choice modeling. The seventh chapter extends the analyses using the mixed logit model. I believe that the book will be useful to students, researchers and practitioners in the field of choice modeling generally and travel demand modeling particularly.
Book Synopsis Estimation of Dynamic Discrete Choice Models in Continuous Time with an Application to Retail Competition by :
Download or read book Estimation of Dynamic Discrete Choice Models in Continuous Time with an Application to Retail Competition written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Applications of Psychological Choice Models by : Daniel McFadden
Download or read book Economic Applications of Psychological Choice Models written by Daniel McFadden and published by . This book was released on 1975 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Discrete Choice Models with Different Levels of Utility Uncertainty by : Ruxian Wang
Download or read book Discrete Choice Models with Different Levels of Utility Uncertainty written by Ruxian Wang and published by . This book was released on 2020 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we relax the restriction on the identical distribution for the random utility parts under discrete choice models. The derived new choice model can allow more flexible substitution pattern, and has the potential to describe choice behavior more accurately. If an alternative's nominal utility is relatively high, its choice probability is higher when an individual uses its mean of utility in her choice process, whereas the choice probabilities for other alternatives are lower. We show that in the pricing problem the optimal prices are product-invariant for products with the same levels of utility uncertainty and use this result to simplify the multi-product pricing problem. We also characterize the oligopolistic problems for competition in price and choice probability respectively, and provide efficient algorithms to compute the Nash equilibrium. The assortment problem is generally NP-hard, so we develop a fully polynomial-time approximation scheme that can find an arbitrarily near-optimal solution in a timely manner. Surprisingly, if the utility of a product of the focal firm rather than the outside option is deterministic, the revenue-ordered assortment is optimal for the assortment problem. To implement the newly proposed choice model with different levels of utility uncertainty, we develop an efficient estimation algorithm with estimated product attractiveness in closed form. Several extensions are also considered, including relaxing the restriction under the multi-stage nested logit model.
Book Synopsis Revenue Management and Pricing Analytics by : Guillermo Gallego
Download or read book Revenue Management and Pricing Analytics written by Guillermo Gallego and published by Springer. This book was released on 2019-08-14 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: “There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.
Book Synopsis The Additive Structure of Utility in Discrete Choice Models by : M. R. Jaibi
Download or read book The Additive Structure of Utility in Discrete Choice Models written by M. R. Jaibi and published by . This book was released on 1998 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advanced discrete choice models with applications to transport demand by :
Download or read book Advanced discrete choice models with applications to transport demand written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Discrete Choice and Stochastic Utility Maximization by : Ruud H. Koning
Download or read book Discrete Choice and Stochastic Utility Maximization written by Ruud H. Koning and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discrete choice models are usually derived from the assumption of random utility maximization. We consider the reverse problem, whether choice probabilities are consistent with maximization of random utilities. This leads to tests that consider the variation of these choice probabilities with the average utilities of the alternatives. By restricting the range of the average utilities we obtain a sequence of tests with fewer maintained hypotheses. In an empirical application, even the test with the fewest maintaned hypotheses rejects the hypothesis of random utility maximization.
Book Synopsis Utility maximization in models of discrete choice by : Martin Peitz
Download or read book Utility maximization in models of discrete choice written by Martin Peitz and published by . This book was released on 1995 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Discrete Choice Models by : Stanford University. Econometric Workshop
Download or read book Discrete Choice Models written by Stanford University. Econometric Workshop and published by . This book was released on 1985 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Discrete Choice Models Based on Random Walks by : Gerardo Berbeglia
Download or read book Discrete Choice Models Based on Random Walks written by Gerardo Berbeglia and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that a large class of discrete choice models which contain the Markov model introduced by Blanchet et al (2013) belong to the class discrete choice models based on random utility.
Book Synopsis Identification of Dynamic Discrete-continuous Choice Models, with an Application to Consumption-savings-retirement by : Matthew R. Levy
Download or read book Identification of Dynamic Discrete-continuous Choice Models, with an Application to Consumption-savings-retirement written by Matthew R. Levy and published by . This book was released on 2021 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the non-parametric identification of the discount factor and utility function in the class of dynamic discrete-continuous choice (DDCC) models. In contrast to the discrete-only model we show the discount factor is identified. Our results further highlight why Euler equation estimation approaches that ignore agents' discrete choices are inconsistent. We estimate utility and discount factors for a consumption-savings-retirement choice problem using the Panel Study of Income Dynamics (PSID). We show that the relative risk aversion parameter and the intertemporal elasticity of substitution are separately identified, and that the latter varies across agents due to the wealth-dependence of the surplus from the discrete choice. This surplus also implies that the value function may be locally convex in wealth, and we find that a simulated Universal Basic Income (UBI) policy counterintuitively benefits wealthier working households more than poorer ones due to this effect.
