Economics, Econometrics and Finance
8 years ago

New method reveals diverse decision-making rules in travel choices.

AN EXPLORATORY ANALYSIS FOR DISCRETE CHOICE MODEL WITH LATENT CLASSES CONSIDERING HETEROGENEITY OF DECISION MAKING RULES. IN: TRAVEL BEHAVIOUR RESEARCH. THE LEADING EDGE
Shinya Kurauchi, T Marikawa

Paper Summary

Discrete choice models like logit and probit usually use linear utility functions based on attributes. A new method was developed to show how people make decisions differently, considering various decision rules. This method helps understand why people choose different modes of transportation.

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