Table of Contents

Handbook of Choice Modelling

Handbook of Choice Modelling

Elgar original reference

Edited by Stephane Hess and Andrew Daly

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.

Chapter 2: The new science of pleasure: consumer choice behavior and the measurement of well-being

Daniel McFadden

Subjects: economics and finance, environmental economics, transport, environment, environmental economics, transport, urban and regional studies, transport

Extract

Illusion, Temperament, Succession, Surface, Surprise, Reality, Subjectiveness – these are threads on the loom of time, these are the threads of life. (Ralph Waldo Emerson, 1844) Let there be granted to the science of pleasure what is granted to the science of energy, to imagine an ideally perfect instrument, a psychophysical machine, continually registering the height of pleasure experienced by an individual, exactly according to the verdict of consciousness, or rather diverging therefrom according to a law of errors. From moment to moment the hedonimeter varies; the delicate index now flickering with the flutter of the passions, now steadied by intellectual activity, low sunk whole hours in the neighbourhood of zero, or momentarily springing up toward infinity. (Edgeworth, 1881)

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