Loan purchase and securitization by Freddie Mac, Fannie Mae and private-label commercial mortgage-backed securities (CMBS) grew rapidly during the 1990s and accounted for more than one-half of the net growth in multifamily debt over the decade. By facilitating the integration of the multifamily...

The majority of popular simulated test marketing models (STM) are calibrated against empirical data obtained from the mature markets of North America and Western Europe. Not surprisingly, these models achieve much lower accuracy when directly applied in relatively unexplored emerging markets,...

Nowadays, the world’s leading manufacturers of fast moving consumer goods (FMCG) generate up to 50% of their revenues in emerging markets. Simulated test marketing (STM) is a common practice employed by these companies to forecast new product sales. Nonetheless, emerging markets represent only...

Utility maximization is implicit in models of consumer choice, learning, forward-looking behavior and substitution. It is a central feature of models of market competition built on the aggregation of individual choices, and is assumed in nearly all quantitative models of behavior. Yet, while the...

To measure the extent of incomplete information about brand qualities faced by consumers, recent research in marketing and economics has extended traditional static choice models to explicitly allow for consumer learning. These models tend to be complicated and make stringent assumptions such as...

This paper provides a step-by-step guide to estimating infinite horizon discrete choice dynamic programming (DDP) models using a new Bayesian estimation algorithm (Imai, Jain and Ching, Econometrica 77:1865-1899, 2009) (IJC). In the conventional nested fixed point algorithm, most of the...

I look at data from an experiment in which people rank apples according to how they think they will taste. They are then blindfolded and rank how they actually taste. I estimate a multinomial rank-ordered probit model with correlated errors between the taste and visual rankings. I find that the...

This monograph provides a review of choice models in marketing from the perspective of a utility maximizing consumer subject to budgetary restrictions. Marketing models of choice have undergone many transformations over the last 20 years, and the advent to hierarchical Bayes models indicate that...

This research assesses preferences for clean-fuel vehicles (CFVs) versus the conventional vehicle using a discrete choice experiment. The results show that although consumers value environmental impact, vehicle performance characteristics are critical to choice. It is found that regulation is...

Corporate social responsibility activities, such as a company’s adherence to fair trade (FT) standards, are known to affect consumers’ purchase behavior. In this study, we therefore investigate whether the inclusion of an FT label will pay off for companies by determining consumers’...