We study a psychologically based foundation for choice errors. The decision maker applies a preference ranking after forming a 'consideration set' prior to choosing an alternative. Membership of the consideration set is determined both by the alternative specific salience and by the rationality...

We present an approach for analyzing market shares and products price elasticities based on large datasets containing aggregate sales data for many products, several markets and for relatively long time periods. We consider the recently proposed Bayesian approach of Jiang et al [Jiang, Renna,...

This paper estimates the demand for car model variants instead of looking only at demand for models in terms of the 'baseline' variant of each model as done in the literature. The data has sex and age of the buyer for every car sold in Norway 2000-2004, in addition to characteristics of the...

I estimate a pure-characteristics discrete choice model of the demand for automobile engine and body style variants, using market-level data. Revealed preference bounds and imposed bounds on the willingness to pay for characteristics as a percentage of product price are sufficient to identify...

This essay contributes to the development of models that allow for heterogeneity across respondents in the error scale of the multinomial logit model. The potential to explain respondent heterogeneity by differences in error scale has been recognized for some time (Louviere 2001), but models...

It is a common finding in empirical discrete choice studies that the estimated mean relative values of the coefficients (i.e. WTP's) from multinomial logit (MNL) estimations differ from those calculated using mixed logit estimations, where the mixed logit has the better statistical fit. It is,...

This paper describes the trends in foreign bank ownership across the world and presents, for the first time, empirical evidence on the causes of multinational banks' withdrawal from other countries. Using maximum likelihood estimation techniques and data on 81 closed foreign bank subsidiaries...