Prominent Types of Discrete Choice Models
Discrete choice models can first be classified according to the number of available alternatives.
- * Binomial choice models (dichotomous): 2 available alternatives
- * Multinomial choice models (polytomous): 3 or more available alternatives
Multinomial choice models can further be classified according to the model specification:
- * Models, such as standard logit, that assume no correlation in unobserved factors over alternatives
- * Models that allow correlation in unobserved factors among alternatives
In addition, specific forms of the models are available for examining rankings of alternatives (i.e., first choice, second choice, third choice, etc.) and for ratings data.
Details for each model are provided in the following sections.
Read more about this topic: Discrete Choice
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