Methods and Applications in Marketing Management, Public Policy, and Litigation Support
Edited by Natalie Mizik and Dominique M. Hanssens
This chapter examines the use of choice models in marketing. After briefly describing the genesis of choice modeling, we introduce the two basic workhorses in choice modeling, the logit and probit models. We use these two models as a platform from which to show how additional phenomena can be introduced, including multistage decision processes, dynamic models, and heterogeneity. After a description of some more advanced models, we close by illustrating how these models may be used to provide insight to marketing managers by discussing a number of choice modeling applications.
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