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:
“If man is reduced to being nothing but a character in history, he has no other choice but to subside into the sound and fury of a completely irrational history or to endow history with the form of human reason.”
—Albert Camus (1913–1960)
“The windy springs and the blazing summers, one after another, had enriched and mellowed that flat tableland; all the human effort that had gone into it was coming back in long, sweeping lines of fertility. The changes seemed beautiful and harmonious to me; it was like watching the growth of a great man or of a great idea. I recognized every tree and sandbank and rugged draw. I found that I remembered the conformation of the land as one remembers the modelling of human faces.”
—Willa Cather (1873–1947)
“The mayor and Montaigne have always been two, with a very clear separation. For all of being a lawyer or a financier, we must not ignore the knavery there is in such callings. An honest man is not accountable for the vice or stupidity of his trade, and should not therefore refuse to practice it.”
—Michel de Montaigne (1533–1592)