Hybrid choice models boost efficiency in understanding consumer preferences.
Hybrid choice models combine psychology with standard models to understand how people make choices. They give more insights but can be costly to estimate. Comparing a hybrid model with a standard model shows that hybrid models are more efficient at capturing different preferences. If you want to understand why people choose differently, go for a hybrid model. If you care more about predicting choices accurately, stick with a standard model. The key is to choose the right model based on what you want to achieve.