Latent variables in discrete choice experiments

Rungie, Cam M., Coote, Leonard V. and Louviere, Jordan J. (2012) Latent variables in discrete choice experiments. Journal of Choice Modelling, 5 3: 145-156. doi:10.1016/j.jocm.2013.03.002

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Author Rungie, Cam M.
Coote, Leonard V.
Louviere, Jordan J.
Title Latent variables in discrete choice experiments
Journal name Journal of Choice Modelling
ISSN 1755-5345
Publication date 2012-12
Year available 2013
Sub-type Article (original research)
DOI 10.1016/j.jocm.2013.03.002
Open Access Status
Volume 5
Issue 3
Start page 145
End page 156
Total pages 12
Place of publication London, United Kingdom
Publisher Elsevier
Collection year 2014
Language eng
Formatted abstract
This paper describes and applies a general approach for incorporating factors with structural equations into models for discrete choice. The approach gives form to the covariance matrix in random coefficient models. The factors act directly on the random coefficients as unobserved attributes. The structural equations allow the factors to act on each other building structures that can represent a variety of concepts such as global heterogeneity and segmentation. The practical outcomes include parsimonious and identified models with rich covariances and better fit. Of greater interest is the ability to specify models that represent and test theory on the relationships between the taste heterogeneities for covariates and in particular between the attributes within a discrete choice experiment. The paper describes the general model and then applies it to a discrete choice experiment with seven attributes. Four competing specifications are evaluated, which demonstrates the ability of the model to be identified and parsimonious. The four specifications also demonstrate how competing a priori knowledge of the structure of the attributes used in the experiment can be empirically tested and evaluated. The outcomes include new behavioral insights and knowledge about choice and choice processes for the subject area of discrete choice experiments.
Keyword Structural equations
Latent variables
Discrete choice experiments
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Published online 20 May 2013

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2014 Collection
UQ Business School Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 6 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 8 times in Scopus Article | Citations
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Created: Wed, 16 Oct 2013, 15:47:57 EST by Karen Morgan on behalf of UQ Business School