Multiple-Constraint Choice Models with Corner and Interior Solutions
AbstractA choice model based on direct utility maximization subject to an arbitrary number of constraints is developed and applied to conjoint data. The model can accommodate both corner and interior solutions, and it provides insights into the proportion of respondents bound by each constraint. Application to volumetric choice data reveals that the majority of respondents make choices consistent with price and quantity restrictions. Estimates based on a single monetary-constraint choice model are shown to lead to biased estimates of the monetary value of attribute levels.
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Bibliographic InfoArticle provided by INFORMS in its journal Marketing Science.
Volume (Year): 30 (2011)
Issue (Month): 3 (05-06)
multiple constraints; choice model; corner and interior solutions; quantity restriction;
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- Castro, Marisol & Bhat, Chandra R. & Pendyala, Ram M. & Jara-Díaz, Sergio R., 2012. "Accommodating multiple constraints in the multiple discrete–continuous extreme value (MDCEV) choice model," Transportation Research Part B: Methodological, Elsevier, vol. 46(6), pages 729-743.
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