Uses of Choice Modelling
Choice modelling is particularly useful for:
- Predicting uptake and refining New Product Development
- Estimating the implied willingness to pay (WTP) for goods and services
- Product or service viability testing
- Variations of product attributes
- Understanding brand value and preference
- Demand estimates and optimum pricing
- Brand value
Choice modelling is a standard technique in travel demand modelling. A classical reference is Ben Akiva and Lerman (1989), and Cascetta (2009); more recent methodological developments are described in Train (2003).
Early applications of discrete choice theory to marketing are described in Anderson et al. (1992)
Recent developments include a Bayesian approach to discrete choice modelling as set out in Rossi, Allenby, and McCulloch (2009)
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Famous quotes containing the words choice and/or modelling:
“Therefore is love said to be a child
Because in choice he is so oft beguiled.”
—William Shakespeare (1564–1616)
“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)