Publication | Closed Access
Stated Choice Methods
484
Citations
0
References
2000
Year
Behavioral Decision MakingChoice TheoryConsumer ResearchDecision ScienceRevealed PreferenceChoice ModelManagementExperimental EconomicsConsumer BehaviorExperimental DesignChoice-process DataDecision TheoryStatisticsPreference ModelingConsumer ChoiceEconomicsBehavioral SciencesChoice MethodsIndividual Consumer BehaviourMarketingBehavioral EconomicsBusinessDiscrete Goods
Understanding and predicting decision makers’ behavior when choosing among discrete goods has been a fruitful research area for thirty years, and insights can inform product design, pricing, distribution, communication, and public welfare. The book aims to study and predict consumer choice behavior using stated preference methods rather than revealed preferences. It shows how SP methods can be implemented from experimental design to econometric modeling, suggests combining RP and SP data for optimal results, and updates econometric approaches to choice modeling. The guide demonstrates that SP methods can be implemented from design to modeling and that integrating RP and SP data yields superior outcomes.
Understanding and predicting the behaviour of decision makers when choosing among discrete goods has been one of the most fruitful areas of applied research over the last thirty years. An understanding of individual consumer behaviour can lead to significant changes in product or service design, pricing strategy, distribution channel and communication strategy selection, as well as public welfare analysis. This graduate and practitioner guide, first published in 2000, deals with the study and prediction of consumer choice behaviour, concentrating on stated preference (SP) methods - placing decision makers in controlled experiments that yield hypothetical choices - rather than revealed preferences (RP) - actual choices in the market. It shows how SP methods can be implemented, from experimental design to econometric modelling, and suggests how to combine RP and SP data to get the best from each type. The book also presents an update of econometric approaches to choice modelling.