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Handbook of Choice Modelling

Edited by Stephane Hess, University of Leeds, UK and Andrew Daly, formerly University of Leeds, UK and RAND Europe
Choice modelling is an increasingly important technique for forecasting and valuation, with applications in fields such as transportation, health and environmental economics. For this reason it has attracted attention from leading academics and practitioners and methods have advanced substantially in recent years. This Handbook, composed of contributions from senior figures in the field, summarises the essential analytical techniques and discusses the key current research issues. It will be of interest to academics, students and practitioners in a wide range of areas.
Extent: 720 pp
Hardback Price: $295.00 Web: $265.50
Publication Date: 2014
ISBN: 978 1 78100 314 5
Availability: In Stock
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  • Economics and Finance
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This Handbook provides an authoritative and in-depth overview of the essential topics related to the increasingly important field of choice modelling: a key tool for the understanding of behaviour and used to support decision-making across many areas such as transportation, health economics, environmental analysis and marketing.

The Handbook of Choice Modelling, composed of contributions from senior figures in the field, summarizes the essential analytical techniques and discusses the key current research issues. The book opens with Nobel Laureate Daniel McFadden calling for deeper engagement with more behavioural and psychological fields, and this is followed by supporting chapters on behavioural economics and mathematical psychology. Further chapters explore the elicitation of data and the context of observation; inter-personal variation; the modelling of complex choice processes taking account of heterogeneity; extending the models to deal with more complex choices; statistical processes for the understanding of data; and finally the practical application of these methods. A final group of chapters discusses the research needs of specific application areas.

Offering a unique collection of contributions from many of the top researchers in choice modelling, this Handbook provides essential reading for academics, students and practitioners in a wide range of areas.
‘There have been some exciting developments in choice modeling, but much of this work is only accessible to those attending conferences like the International Choice Modeling Conference where researchers from many different fields can share their work. This Handbook brings the best of this new work to a wider audience. The editors have convinced many of the top researchers in choice modeling to contribute essays, and the resulting Handbook is the only reference I know that comes close to covering the current state of the art in choice modeling.’
– David Brownstone, University of California, Irvine, US

‘A truly astonishing collection of papers. This book is the new place to go for learning the latest and greatest in choice modelling.’
– Kenneth Train, University of California, Berkeley, US

‘Choice modelling has been the focus of intensive research activities during the last decades. This book proposes a fantastic consolidation of these recent developments, written by the major actors in the field, including Daniel McFadden, Nobel Laureate. The good balance between fundamental topics and applied considerations, as well as the coverage of area-specific aspects, make it an exceptional reference for researchers and practitioners interested in human choices.’
– Michel Bierlaire, EPFL Lausanne, Switzerland

‘Decision-making underpins daily life, from the simple to the complex. Neurophysiologists, psychologists and economists have all spent decades studying decision-making from very different perspectives. Theoretical advances in the different fields have complementary strengths, creating the need for an integrated approach. This book represents a milestone in bringing together different theoretical perspectives on decision-making, setting the foundations for exciting new multi-disciplinary approaches.’
– Scott Brown, The University of Newcastle, Australia
Contributors: M. Abou Zeid, W.L. Adamowicz, K.W. Axhausen, M. Ben-Akiva, C. Bhat, S. Blackburn, M.C.J. Bliemer, D.S. Bunch, P. Burge, J.R.Busemeyer, R.T. Carson, E. Cherchi, C.G. Chorus, M. Czajkowski, A. Daly, A. de Palma, C. Eckert, F. Feinberg, T.N. Flynn, M. Fosgerau, B. Frischknecht, K. Glenk, K.G. Goulias, W. Greene, G.W. Harrison, D. Hensher, S. Hess, I. Inoa, A. Karlström, E. Lancsar, P. Lenk, G. Loomes, J. Louviere, A.A.J. Marley, J. Martínez-Correa, D. McFadden, J. Meyerhoff, J. de Dios Ortúzar, R.M.Pendyala, N. Picard, A. Pinjari, T. Ribeiro, N. Rieser-Schüssler, J. Rieskamp, L.I. Rizzi, J.M. Rose, J. Swait, A. Vij, J.L. Walker
Contents:

1. Introduction
Stephane Hess and Andrew Daly

PART I: FOUNDATIONS
2. The New Science of Pleasure: Consumer Choice Behavior and the Measurement of Well-Being
Daniel McFadden

3. Psychological Research and Theories on Preferential Choice
Jerome R. Busemeyer and Jörg Rieskamp

4. Towards a More Complex Model of Risky Choice
Graham Loomes and Simone Blackburn

PART II: OBSERVING PREFERENCES
5. Choice Context
Konstadinos G. Goulias and Ram M. Pendyala

6. Self-tracing and Reporting: State-of-the-Art in the Capture of Revealed Behaviour
Nadine Rieser-Schüssler and Kay W. Axhausen

7. Stated Choice Experimental Design Theory: The Who, the What and the Why
John M. Rose and Michiel C.J. Bliemer

8. Best Worst Scaling: Theory and Methods
Terry N. Flynn and A.A.J. Marley

9. The Discrete Choice Experiment Approach to Environmental Contingent Valuation
Richard T. Carson and Mikolaj Czajkowski

10. Real Choices and Hypothetical Choices
Glenn W. Harrison

PART III: MODELLING HETEROGENEITY
11. Nonparametric Approaches to the Describing Heterogeneity
Mogens Fosgerau

12. Attribute Processing as a Behavioural Strategy in Choice Making
David Hensher

13. Capturing Alternative Decision Rules in Travel Choice Models: A Critical Discussion
Caspar G. Chorus

14. Latent Class Structures: Taste Heterogeneity and Beyond
Stephane Hess

PART IV: GOING BEYOND SIMPLE DISCRETE CHOICE
15. Models for Ordered Choices
William Greene

16. Discrete Choice Decision-Making with Multiple Decision Makers Within the Household
André de Palma, Nathalie Picard and Ignacio Inoa

17. Hybrid Choice Models
Maya Abou Zeid and Moshe Ben-Akiva

18. Choice Modeling and Risk Management
Glenn W. Harrison and Jimmy Martínez-Correa

19. Multiple Discrete-Continuous Choice Models: A Reflective Analysis and a Prospective View
Chandra Bhat and Abdul Pinjari

PART V: SPECIFICATION, ESTIMATION AND INFERENCE
20. Bayesian Estimation of Random Utility Models
Peter Lenk

21. Simple Ways to Estimate Choice Models for Single Consumers
Bart Frischknecht, Christine Eckert, Jordan Louviere and Tiago Ribeiro

22. Hybrid Choice Models: The Identification Problem
Akshay Vij and Joan L. Walker

23. Numerical Methods for Optimization-based Model Estimation and Inference
David S. Bunch

PART VI: ANALYSIS AND USE OF RESULTS
24. Appraisal
Anders Karlström

25. Forecasting
Andrew Daly

PART VII: AREA SPECIFIC RESEARCH NEEDS
26. Deciding How to Decide: An Agenda for Multi-Stage Choice Modeling Research in Marketing
Joffre Swait and Fred Feinberg

27. Choice Modelling Research in Environmental and Resource Economics
Wiktor L. Adamowicz, Klaus Glenk and Jürgen Meyerhoff

28. Choice Modelling Research in Health Economics
Emily Lancsar and Peter Burge

29. Transport Research Needs
Juan de Dios Ortúzar, Elisabetta Cherchi and Luis Ignacio Rizzi

Index