scholarly journals Econometric Modelling: Extensions

2020 ◽  
pp. 83-101
Author(s):  
Petr Mariel ◽  
David Hoyos ◽  
Jürgen Meyerhoff ◽  
Mikolaj Czajkowski ◽  
Thijs Dekker ◽  
...  
Keyword(s):  
Information Processing ◽  
Willingness To Pay ◽  
Discrete Choice ◽  
Discrete Choice Models ◽  
Learning Effects ◽  
Econometric Modelling ◽  
Lexicographic Preferences ◽  
Processing Strategies ◽  
Elimination By Aspects ◽  
Choice Tasks

AbstractThis chapter is devoted to advanced issues of econometric modelling. The topics covered are, among others, models in willingness to pay space, the meaning of scale heterogeneity in discrete choice models and the application of various information processing rules such as random regret minimisation or attribute non-attendance. Other topics are anchoring and learning effects when respondents move through a sequence of choice tasks as well as different information processing strategies such as lexicographic preferences or choices based on elimination-by-aspects.

scholarly journals Measuring Willingness-to-Pay in Discrete Choice Models with Semi-Parametric Techniques

2005 ◽  
pp. 83-100
Author(s):  
Pablo Marcelo García
Keyword(s):  
Willingness To Pay ◽  
Discrete Choice ◽  
Buenos Aires ◽  
Choice Models ◽  
Discrete Choice Models ◽  
Logit Models ◽  
Travel Times ◽  
Empirical Application ◽  
Simple Index ◽  
The City

It is usual to estimate willingness-to-pay in discrete choice models through Logit models -or their expanded versions. Nevertheless, these models have very restrictive distributional assumptions. This paper is intended to examine the above-mentioned issue and to propose an alternative estimation using non-parametric techniques (through Simple Index Models). Furthermore, this paper introduces an empirical application of willingness- to-pay for improved subway travel times in the City of Buenos Aires.

Applying discrete choice models to understand sport tourists’ heterogeneous preferences for Winter Olympic travel products

2020 ◽  
pp. 135481661989922
Author(s):  
Seong Ok Lyu
Keyword(s):  
Willingness To Pay ◽  
Discrete Choice ◽  
Choice Model ◽  
Management Strategies ◽  
Discrete Choice Models ◽  
Heterogeneous Preferences ◽  
South Korean ◽  
Trade Offs ◽  
Product Study ◽  
High Willingness

This study aims to better understand how South Korean sport tourists show their preferences for Winter Olympic travel products. Comparing a series of discrete choice model (DCM) techniques, this study also investigates what attributes comprising PyeongChang Winter Olympic travel products are considered by sport tourists important and how they make trade-offs among those attributes for purchasing an optimal product. Study findings suggest that respondents place distinctive importance on each attribute to yield their greatest amount of utility through jointly considering a set of Olympic travel product attributes. Results also indicate that sport tourists put high willingness-to-pay values for multiple opportunities of attending skating competitions and popular tournaments while they show strong interests in more sightseeing and recreational experiences. Based on different DCM estimation results, several management strategies are presented for developing quality Olympic travel products.

Theoretical, methodological and practical issues of choice models

2018 ◽  
Vol 1 (1) ◽  
pp. 21-37
Author(s):  
Bharat P. Bhatta
Keyword(s):  
Discrete Choice ◽  
Model Building ◽  
Estimation Method ◽  
Choice Models ◽  
Discrete Choice Models ◽  
Decision Makers ◽  
Model Formulation ◽  
Random Utility Maximization ◽  
The Relationship ◽  
Method Model

This paper analyzes and synthesizes the fundamentals of discrete choice models. This paper alsodiscusses the basic concept and theory underlying the econometrics of discrete choice, specific choicemodels, estimation method, model building and tests, and applications of discrete choice models. Thiswork highlights the relationship between economic theory and discrete choice models: how economictheory contributes to choice modeling and vice versa. Keywords: Discrete choice models; Random utility maximization; Decision makers; Utility function;Model formulation

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