Choice Modelling in Practice
Superficially, a Choice Experiment resembles a market research survey; Respondents are recruited to fill out a survey, data is collected and the data is analysed. However two critical steps differentiate a Choice Experiment from a Questionnaire:
- An experimental design must be constructed. This is a non-trivial task.
- Data must be analysed with a model form, MNL, Mixed Logit, EBA, Probit etc...
The Choice Experiment itself may be performed via hard copy with pen and paper, however increasingly the on-line medium is being used as it has many advantages over the manual process, including cost, speed, accuracy and ability to perform more complex studies such as those involving multimedia or dynamic feedback.
Despite the power and general applicability of Choice Modelling, the practical execution is far more complex than running a general survey. The model itself is a delicate tool and potential sources of bias that are ignored in general market research surveys need to be controlled for in choice models.
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Famous quotes containing the words choice, modelling and/or practice:
“Live a thousand years,
I shall not find myself so apt to die.
No place will please me so, no mean of death,
As here by Caesar, and by you cut off,
The choice and master spirits of this age.”
—William Shakespeare (1564–1616)
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—Willa Cather (1873–1947)
“Whatever my own practice may be, I have no doubt that it is a part of the destiny of the human race, in its gradual improvement, to leave off eating animals, as surely as savage tribes have left off eating each other when they came in contact with the more civilized.”
—Henry David Thoreau (1817–1862)