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:
“When there is a choice about it, a great sacrifice is preferable to a small sacrifice, because we compensate ourselves for a great one with self-admiration, which is not possible with a small one.”
—Friedrich Nietzsche (1844–1900)
“One of the most important things we adults can do for young children is to model the kind of person we would like them to be.”
—Carol B. Hillman (20th century)
“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)