Discrete choice models with latent choice sets

Article Abstract:

The explicit probabilistic representation of the different alternatives considered by a consumer in a choice situation was added to discrete choice models. The goal was to include in a single choice set generation model the effects of stochastic constraints or elimination criteria and of attitudes and perceptions on the process of choice set generation. The choice set generation model is based on responses to alternative availability questions. An illustrative example of the use of the methodology to analyze a travel demand data set is presented.

Research, Consumer behavior

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Capturing consumer heterogeneity in metric conjoint analysis using Bayesian mixture models

Article Abstract:

The unobserved preference heterogeneity within an omitted variable framework, which provides a theoretical rationale for more continuous preference distributions, multivariate normal in the limit, is examined. A comparison of the random coefficients model (RCM) and the latent class model (LCM) using simulated data illustrates that the RCM dominates the LCM if the underlying distribution is strictly continuous.

Bayesian statistical decision theory, Bayesian analysis

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A cross-validity comparison of rating-based and choice-based conjoint analysis models

Article Abstract:

An attempt made to compare OLS, hierarchical Bayes (HB), and latent segment, rating-based conjoint models to HB and latent segment choice-based conjoint models is presented. Results reveal that the difference between rating- and choice-based parameters is consistent with a compatibility effect.

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