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Choice Modelling
Choice modelling attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices (A over B; B over A, B & C) in order to infer positions of the items (A, B and C) on some relevant latent scale (typically "utility" in economics and various related fields). Indeed many alternative models exist in econometrics, marketing, sociometrics and other fields, including utility maximization, optimization applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled. In addition, choice modelling is regarded as the most suitable method for estimating consumers' willingness to pay for quality improvements in multiple dimensions. Related terms There are a number of terms which are considered to be synonyms with the term c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revealed Preference
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility. While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by defining utility functions by observing behaviour. Therefore, revealed preference is a way to infer the preferences of individuals given the observed choices. It contrasts with attempts to directly meas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Random Utility Theory
In common usage, randomness is the apparent or actual lack of pattern or predictability in events. A random sequence of events, symbols or steps often has no order and does not follow an intelligible pattern or combination. Individual random events are, by definition, unpredictable, but if the probability distribution is known, the frequency of different outcomes over repeated events (or "trials") is predictable.Strictly speaking, the frequency of an outcome will converge almost surely to a predictable value as the number of trials becomes arbitrarily large. Non-convergence or convergence to a different value is possible, but has probability zero. For example, when throwing two dice, the outcome of any particular roll is unpredictable, but a sum of 7 will tend to occur twice as often as 4. In this view, randomness is not haphazardness; it is a measure of uncertainty of an outcome. Randomness applies to concepts of chance, probability, and information entropy. The fields ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Correlated
In statistics, correlation or dependence is any statistical relationship, whether causal or not, between two random variables or bivariate data. Although in the broadest sense, "correlation" may indicate any type of association, in statistics it usually refers to the degree to which a pair of variables are ''linearly'' related. Familiar examples of dependent phenomena include the correlation between the height of parents and their offspring, and the correlation between the price of a good and the quantity the consumers are willing to purchase, as it is depicted in the so-called demand curve. Correlations are useful because they can indicate a predictive relationship that can be exploited in practice. For example, an electrical utility may produce less power on a mild day based on the correlation between electricity demand and weather. In this example, there is a causal relationship, because extreme weather causes people to use more electricity for heating or cooling. How ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Orthogonality
In mathematics, orthogonality is the generalization of the geometric notion of '' perpendicularity''. By extension, orthogonality is also used to refer to the separation of specific features of a system. The term also has specialized meanings in other fields including art and chemistry. Etymology The word comes from the Ancient Greek ('), meaning "upright", and ('), meaning "angle". The Ancient Greek (') and Classical Latin ' originally denoted a rectangle. Later, they came to mean a right triangle. In the 12th century, the post-classical Latin word ''orthogonalis'' came to mean a right angle or something related to a right angle. Mathematics Physics * In optics, polarization states are said to be orthogonal when they propagate independently of each other, as in vertical and horizontal linear polarization or right- and left-handed circular polarization. * In special relativity, a time axis determined by a rapidity of motion is hyperbolic-orthogonal to a space axis o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multinomial Logistic Regression
In statistics, multinomial logistic regression is a classification method that generalizes logistic regression to multiclass problems, i.e. with more than two possible discrete outcomes. That is, it is a model that is used to predict the probabilities of the different possible outcomes of a categorically distributed dependent variable, given a set of independent variables (which may be real-valued, binary-valued, categorical-valued, etc.). Multinomial logistic regression is known by a variety of other names, including polytomous LR, multiclass LR, softmax regression, multinomial logit (mlogit), the maximum entropy (MaxEnt) classifier, and the conditional maximum entropy model. Background Multinomial logistic regression is used when the dependent variable in question is nominal (equivalently ''categorical'', meaning that it falls into any one of a set of categories that cannot be ordered in any meaningful way) and for which there are more than two categories. Some examples ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Experimental Design
The design of experiments (DOE, DOX, or experimental design) is the design of any task that aims to describe and explain the variation of information under conditions that are hypothesized to reflect the variation. The term is generally associated with experiments in which the design introduces conditions that directly affect the variation, but may also refer to the design of quasi-experiments, in which natural conditions that influence the variation are selected for observation. In its simplest form, an experiment aims at predicting the outcome by introducing a change of the preconditions, which is represented by one or more independent variables, also referred to as "input variables" or "predictor variables." The change in one or more independent variables is generally hypothesized to result in a change in one or more dependent variables, also referred to as "output variables" or "response variables." The experimental design may also identify control variables that must b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Likert Scale
A Likert scale ( , commonly mispronounced as ) is a psychometric scale commonly involved in research that employs questionnaires. It is the most widely used approach to scaling responses in survey research, such that the term (or more fully the Likert-type scale) is often used interchangeably with '' rating scale'', although there are other types of rating scales. The scale is named after its inventor, psychologist Rensis Likert. Likert distinguished between a scale proper, which emerges from collective responses to a set of items (usually eight or more), and the format in which responses are scored along a range. Technically speaking, a Likert scale refers only to the former. The difference between these two concepts has to do with the distinction Likert made between the underlying phenomenon being investigated and the means of capturing variation that points to the underlying phenomenon. When responding to a Likert item, respondents specify their level of agreement or disagr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Design Of Experiments
The design of experiments (DOE, DOX, or experimental design) is the design of any task that aims to describe and explain the variation of information under conditions that are hypothesized to reflect the variation. The term is generally associated with experiments in which the design introduces conditions that directly affect the variation, but may also refer to the design of quasi-experiments, in which natural conditions that influence the variation are selected for observation. In its simplest form, an experiment aims at predicting the outcome by introducing a change of the preconditions, which is represented by one or more independent variables, also referred to as "input variables" or "predictor variables." The change in one or more independent variables is generally hypothesized to result in a change in one or more dependent variables, also referred to as "output variables" or "response variables." The experimental design may also identify control variables that must b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conjoint Analysis
Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service. The objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making. A controlled set of potential products or services is shown to survey respondents and by analyzing how they make choices among these products, the implicit valuation of the individual elements making up the product or service can be determined. These implicit valuations (utilities or part-worths) can be used to create market models that estimate market share, revenue and even profitability of new designs. Conjoint analysis originated in mathematical psychology and was developed by marketing professor Paul E. Green at the Wharton School of the University of Pennsylvania. Other prominent conjoint analysis pi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bay Area Rapid Transit
Bay Area Rapid Transit (BART) is a rapid transit system serving the San Francisco Bay Area in California. BART serves 50 stations along six routes on of rapid transit lines, including a spur line in eastern Contra Costa County which uses diesel multiple-unit trains and a automated guideway transit line to the Oakland International Airport. With an average of weekday passengers as of and annual passengers in , BART is the fifth-busiest heavy rail rapid transit system in the United States. BART is operated by the San Francisco Bay Area Rapid Transit District which formed in 1957. The initial system opened in stages from 1972 to 1974. The system was extended most recently in 2020, when Milpitas and Berryessa/North San José stations opened as part of the Silicon Valley BART extension in partnership with the Santa Clara Valley Transportation Authority (VTA). Services BART serves large portions of its three member counties – San Francisco, Alameda, and Contr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
