Choice models in marketing and economics are generally derived without specifying the underlying cognitive process of decision making. This approach has been successfully used to predict choice behavior. However, it has not much to say about such aspects of decision making as deliberation,...

Distributional assumptions for random utility models play an important role in relating observed product attributes to choice probabilities. Choice probabilities derived with independent errors have the IIA property, which often does not match consumer behavior and leads to inaccurate source of...

Both instrumental variable (IV) estimation and mediation analysis are tools for causal inference. However, IV estimation has mostly developed in economics for causal inference from observational data. In contrast, mediation analysis has mostly developed in psychology, as a tool to empirically...

The random coefficients logit model is a workhorse in marketing and empirical industrial organizations research. When only aggregate data are available, it is customary to calibrate the model based on market shares as data input, even if the data are available in the form of aggregate counts....