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 23: Numerical methods for optimization-based model estimation and inference

David S. Bunch

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


Researchers frequently use quantitative models to study and analyze choice behavior. They may obtain data on observed choice behavior through a variety of sources and methods (see Chapters 6 and 7) and then use the data to estimate or calibrate models that can be used for a variety of purposes, such as to develop and test theories, or to support the needs of decision makers. This chapter assumes a classical modeling framework where a dataset is viewed as a collection of observed outcomes from a data-generating process (DGP).

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