Choice Model Simulation
Although the concept choice models is widely understood and practiced these days, it is often difficult to acquire hands-on knowledge in simulating choice models. While many stat packages provide useful tools to simulate, researchers attempting to test and simulate new choice models with data often encounter problems from as simple as scaling parameter to misspecification. This article goes beyond simply defining discrete choice models. Rather, it aims at providing a comprehensive overview of how to simulate such models in computer.
Read more about Choice Model Simulation: Defining Choice Set, Defining Consumer Utility, Defining Choice Probabilities, Identification, General Models
Famous quotes containing the words choice, model and/or simulation:
“If we pretend to respect the artist at all, we must allow him his freedom of choice, in the face, in particular cases, of innumerable presumptions that the choice will not fructify. Art derives a considerable part of its beneficial exercise from flying in the face of presumptions.”
—Henry James (1843–1916)
“When you model yourself on people, you should try to resemble their good sides.”
—Molière [Jean Baptiste Poquelin] (1622–1673)
“Life, as the most ancient of all metaphors insists, is a journey; and the travel book, in its deceptive simulation of the journey’s fits and starts, rehearses life’s own fragmentation. More even than the novel, it embraces the contingency of things.”
—Jonathan Raban (b. 1942)