Discrete Choice

Catalog description

Choice modeling is a generic term that applies to families of methods and models for understanding and modeling the decisions and choices of individuals and groups of individuals (e.g., segments, organizations, family units). Modern work in choice modeling requires one to become familiar with a number of seemingly disparate streams of work: a) random utility theory in economics and psychology, b) judgment and decision-making in psychology, c) experimental design theory in mathematical statistics, d) econometric theory and associated statistical models derived from random utility theory, e) discrete multivariate statistical theory and methods in mathematical statistics, and f) computational statistics. The seminar offers a flavor of some of these areas, so that students can be comfortable in designing, running and analyzing a discrete choice study.