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Using Neoclassical Consumer-Choice Theory to Produce a Market Map from Purchase Data

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  • Srinivasan, T C
  • Winer, Russell S

Abstract

This 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.

Suggested Citation

  • Srinivasan, T C & Winer, Russell S, 1994. "Using Neoclassical Consumer-Choice Theory to Produce a Market Map from Purchase Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(1), pages 1-9, January.
  • Handle: RePEc:bes:jnlbes:v:12:y:1994:i:1:p:1-9
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    References listed on IDEAS

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    1. Hulten, Charles R, 1973. "Divisia Index Numbers," Econometrica, Econometric Society, vol. 41(6), pages 1017-1025, November.
    2. Ernst R. Berndt & Zvi Griliches & Joshua G. Rosett, 1990. "On the Accuracy of Producer Price Indexes for Pharmaceutical Preparations: An Audit Based on Detailed Firm-Specific Data," NBER Working Papers 3490, National Bureau of Economic Research, Inc.
    3. George J. Stigler & James K. Kindahl, 1970. "The Behavior of Industrial Prices," NBER Books, National Bureau of Economic Research, Inc, number stig70-1, January.
    4. Ernst R. Berndt & Zvi Griliches, 1993. "Price Indexes for Microcomputers: An Exploratory Study," NBER Chapters,in: Price Measurements and Their Uses, pages 63-100 National Bureau of Economic Research, Inc.
    5. W. Erwin Diewert, 1988. "The Early History of Price Index Research," NBER Working Papers 2713, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Michael P. Keane, 2013. "Panel data discrete choice models of consumer demand," Economics Papers 2013-W08, Economics Group, Nuffield College, University of Oxford.
    2. Tülin Erdem & Susumu Imai & Michael Keane, 2003. "Brand and Quantity Choice Dynamics Under Price Uncertainty," Quantitative Marketing and Economics (QME), Springer, vol. 1(1), pages 5-64, March.
    3. Huffman, Sonya Kostova, 1999. "Changes of household consumption behavior during the transition from centrally-planned to market-oriented economy," ISU General Staff Papers 1999010108000013568, Iowa State University, Department of Economics.
    4. Daniel J. Phaneuf & Catherine L. Kling & Joseph A. Herriges, 2000. "Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 83-92, February.
    5. Erdem, Tulin & Winer, Russell S., 1998. "Econometric modeling of competition: A multi-category choice-based mapping approach," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 159-175, November.
    6. Phaneuf, Daniel James, 1997. "Generalized corner solution models in recreation demand," ISU General Staff Papers 1997010108000013022, Iowa State University, Department of Economics.
    7. Phaneuf, Daniel J., 1999. "A Dual Approach to Modeling Corner Solutions in Recreation Demand," Journal of Environmental Economics and Management, Elsevier, vol. 37(1), pages 85-105, January.

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