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Behavioral frontiers in choice modeling |
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| Authors: | Wiktor Adamowicz David Bunch Trudy Ann Cameron Benedict G C Dellaert Michael Hanneman Michael Keane Jordan Louviere Robert Meyer Thomas Steenburgh Joffre Swait |
| Institution: | 1. Department of Rural Economy, University of Alberta, Edmonton, Alberta, Canada 2. Graduate School of Management, University of California, Davis, Davis, California, USA 3. Department of Economics, University of Oregon, Eugene, Oregon, USA 4. Department of Business Economics, Erasmus University, Rotterdam, The Netherlands 5. Department of Agricultural & Resource Economics, University of California, Berkeley, Berkeley, California, USA 6. School of Marketing, University of Technology, Sydney, Australia 7. Marketing Department, Wharton School of Business, University of Pennsylvania, Philadelphia, Pennsylvania, USA 8. Marketing Unit, Harvard Business School, Harvard University, Cambridge, Massachusetts, USA 9. Advanis, Inc., Edmonton, Alberta, Canada |
| Abstract: | 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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