Stated Choice Methods: Analysis and Applications

, by Jordan J. Louviere , David A. Hensher , Joffre D. Swait , With contributions by Wiktor Adamowicz

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ISBN: 9780521788304 | 0521788307
Cover: Paperback
Copyright: 10/23/2000

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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 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.

List of figures

List of tables

Acknowledgements

Choosing as a way of life

(19)

Introduction

(1)

Decision making and choice behaviour

(6)

Conceptual framework

(2)

The world of choice is complex: the challenge ahead

(10)

Choosing a residential telecommunications bundle

(1)

Introduction to stated preference models and methods

(14)

Introduction

(1)

Preference data come in many forms

(5)

Preference data consistent with RUT

(9)

Choosing a choice model

(49)

Introduction

(1)

Setting out the underlying behavioural decision framework

(2)

Random utility maximisation

(7)

The basic choice model - a particular model formulation

(3)

Statistical estimation procedure

(4)

Model outputs

(6)

Behavioural outputs of choice models

(5)

A simple illustration of the basic model

(3)

Linking to the later chapters

(18)

Maximum likelihood estimation technique

(6)

Linear probability and generalised least squares models

(11)

Experimental design

(28)

Introduction

(1)

Factorial designs

(5)

Fractional factorial designs

(5)

Practical considerations in fractional designs

(2)

Design strategies for simple SP experiments

(15)

Design of choice experiments

111

(27)

Introduction

111

(1)

Multiple choice experiments

112

(7)

General design principles for choice experiments

119

(7)

Availability designs for labelled alternatives

126

(12)

Some popular choice designs

131

(7)

Relaxing the IID assumption - introducing variants of the MNL model

138

(75)

Setting the context for behaviourally more plausible models

138

(4)

Deriving the mean and variance of the extreme value type 1 distribution

142

(2)

Introduction to the nested logit model

144

(10)

Empirical illustration

154

(8)

The nested logit model - empirical examples

162

(14)

Tests of overall model performance for nested models

176

(6)

Conclusions and linkages between the MNL/NL models and more complex models

182

(31)

Detailed characterisation of the nested logit model

183

(6)

Advanced discrete choice methods

189

(24)

Complex, non-IID multiple choice designs

213

(14)

Introduction

213

(1)

Designs for alternatives with non-constant error variances

214

(1)

Designs for portfolio, bundle or menu choices

215

(11)

Summary

226

(1)

Combining sources of preference data

227

(25)

Appreciating the opportunity

227

(1)

Characteristics of RP and SP data

228

(5)

The mechanics of data enrichment

233

(10)

Is it always possible to combine preference data sources?

243

(5)

A general preference data generation process

248

(3)

Summary

251

(1)

Implementing SP choice behaviour projects

252

(31)

Introduction

252

(1)

Components of the choice process

252

(3)

The steps in an SP choice study

255

(27)

Summary

282

(1)

Marketing case studies

283

(15)

Introduction

283

(1)

preference heterogeneity vs. variance heteroscedasticity

283

(9)

choice set generation analysis

292

(5)

Summary

297

(1)

Transportation case studies

298

(31)

Introduction

298

(1)

introducing a new alternative: high speed rail and the random effects HEV model in an SP-RP context

299

(2)

high speed rail and random effects HEV in a switching context

301

(5)

valuation of travel time savings and urban route choice with tolled options in an SP context

306

(9)

establishing a fare elasticity regime for urban passenger transport: non-concession commuters with SP-RP and HEV

315

(13)

Conclusions to chapter

328

(1)

Environmental valuation case studies

329

(25)

Introduction

329

(1)

Environmental valuation: theory and practice

329

(2)

use values - recreational hunting site choices

331

(12)

passive use values

343

(7)

The passive use value controversy: can SP help?

350

(2)

Conclusions

352

(2)

Cross validity and external validity of SP models

354

(28)

Introduction

354

(2)

A brief review of preference model comparisons

356

(1)

Preference regularities

357

(6)

Procedures for testing preference regularity

363

(6)

Empirical case studies and results

369

(10)

Summary and conclusions

379

(3)

References

382

(17)

Index

399

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Stated Choice Methods: Analysis and Applications

Summary

Table of Contents

Supplemental Materials