Behavioral Frontiers in Choice Modeling

Publisher:
Springer
Publication Type:
Journal Article
Citation:
Marketing Letters, 2008, 19 (3-4), pp. 215 - 228
Issue Date:
2008-01
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We review the discussion at a workshop whose goal was to achieve a better integration among behavioral, economic, and statistical approaches to choice modeling. The workshop explored how current approaches to the specification, estimation, and application of choice models might be improved to better capture the diversity of processes that are postulated to explain how consumers make choices. Some specific challenges include how to capture and parsimoniously describe heterogeneous mixes of heuristic choice rules, methods for building realistic models of choice, and nontraditional methods for estimating models. An agenda for important future work in these areas is also proposed.
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