Using Neoclassical Consumer-Choice Theory to Produce a Market Map from Purchase Data
AbstractThis article presents a new model for estimating the spatial representation of objects and preference vectors from actual choice behavior of individuals or households. It is based on neoclassical economic theory of consumer choice. The model integrates both decisions of which good(s) to buy and the quantity of purchase. Overall preference is decomposed into price effects and intrinsic preference for the good. A maximum likelihood method for estimating the model parameters is described and illustrated using choice data of ketchup brands collected by the use of electronic supermarket scanners.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 12 (1994)
Issue (Month): 1 (January)
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- Phaneuf, Daniel J. & Kling, Catherine L. & Herriges, Joseph A., 2000.
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Staff General Research Papers
1355, Iowa State University, Department of Economics.
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- Tülin Erdem & Susumu Imai & Michael Keane, 2003.
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- Michael P. Keane, 2013. "Panel data discrete choice models of consumer demand," Economics Papers 2013-W08, Economics Group, Nuffield College, University of Oxford.
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