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:
“We hold our hate too choice a thing
For light and careless lavishing.”
—Sir William Watson (1858–1936)
“There are very many characteristics which go into making a model civil servant. Prominent among them are probity, industry, good sense, good habits, good temper, patience, order, courtesy, tact, self-reliance, many deference to superior officers, and many consideration for inferiors.”
—Chester A. Arthur (1829–1886)
“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)