3 Model Specification 5 3.1 Binary choice . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3.1.1 The binary probit model . . . . . . . . . . . . . . . . . . 6 3.1.2 The binary logit model . . . . . . . . . . . . . . . . . . . 7 3.2 More than two choices . . . . . . . . . . . . . . . . . . . . . . . 8 3.2.1 The multinomial probit model . . . . . . . . . . . . . . . 8 3.2.2 The multinomi...

Marketing practitioners and academics have shown a keen interest in the processes that drive consumers’ choices since the early work of Guadagni and Little (1982). Over the past decade or so, a number of alternative models have been proposed, implemented and analyzed. The common behavioral assumption that underlines these models of discrete choice is random utility maximization (RUM). The RUM a...

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We explore issues in theory-driven choice modeling by focusing on partial-equilibrium models of dynamic structural demand with forward-looking decision-makers, full equilibrium models that integrate the supply side, integration of bounded rationality in dynamic structural models of choice and public policy implications of these models.

In recent years, sustainable mobility policy analysis has used Hybrid Choice Models (HCM) by incorporating latent variables in the mode choice models. However, impact on outcomes not yet been determined with certainty. This paper aims to measure effect of HCM compared traditional models without variables. To this end, we performed research city Santander, Spain. We identified two variables—Safe...

In today’s big data era, huge amounts of ranking and choice data are generated on a daily basis, and consequently, many powerful new computational tools for dealing with ranking and choice data have emerged in recent years. This paper highlights recent developments in two areas of ranking and choice modeling that cross traditional boundaries and are of multidisciplinary interest: ranking from p...