New method improves accuracy of predicting consumer choices in panel data.
The article introduces a new method for estimating models that predict choices people make over time. This method is designed to handle situations where individual factors and time factors both play a role in decision-making. The researchers found that traditional methods for estimating these models can be unreliable in these cases. They developed a new approach that improves the accuracy of the estimates, especially when both types of factors are involved. Their experiments showed that this new method works well even with small amounts of data.