Integrating latent variables in discrete choice models – How higher-order values and attitudes determine consumer choice
Integrated choice and latent variable (ICLV) models represent a promising new class of models which merge classic choice models with the structural equation approach (SEM) for latent variables. Despite their conceptual appeal, to date applications of ICLV models in marketing are still rare. The present study on travel mode choice clearly demonstrates the value of ICLV models to enhance understanding of choice processes. In addition to the usually studied directly observable variables such as travel time, we show how abstract motivations such as power and hedonisms as well as attitudes such as a desire for flexibility impact on travel mode choice. Further, we can show that it is possible to estimate ICLV models with the widely available structural equation modeling package Mplus. This finding is likely to encourage wider usage of this appealing model class in the marketing field.
|Date of creation:||Dec 2007|
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- Vredin Johansson, Maria & Heldt, Tobias & Johansson, Per, 2005. "Latent Variables in a Travel Mode Choice Model: Attitudinal and Behavioural Indicator Variables," Working Paper Series 2005:5, Uppsala University, Department of Economics.
- Kenneth Train, 1980. "A Structured Logit Model of Auto Ownership and Mode Choice," Review of Economic Studies, Oxford University Press, vol. 47(2), pages 357-370.
- Ben-Akiva, Moshe & McFadden, Daniel & Train, Kenneth & Börsch-Supan, Axel, 2002.
"Hybrid Choice Models: Progress and Challenges,"
Sonderforschungsbereich 504 Publications
02-29, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Axel BÃ¶rsch-Supan & Moshe Ben-Akiva & Kenneth Train & Daniel McFadden, 2002. "Hybrid Choice Models: Progress and Challenges," MEA discussion paper series 02009, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
- Bresson, Georges & Dargay, Joyce & Madre, Jean-Loup & Pirotte, Alain, 2004. "Economic and structural determinants of the demand for public transport: an analysis on a panel of French urban areas using shrinkage estimators," Transportation Research Part A: Policy and Practice, Elsevier, vol. 38(4), pages 269-285, May. Full references (including those not matched with items on IDEAS)
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