Scott, N. et al (2019)
Nigel Scott; Simon Batchelor; Tom Jones
About the publication
Choice modelling creates a mathematical model that aims to represent people’s decision making processes. Based on a number of input parameters, the model tries to predict how a population would make choices between different options. The approach belongs to a family of modelling techniques developed in the field of marketing and econometrics that attempt to assign some kind of value to non-market resources.
The reports to date contain only a brief introduction to the methodology, so the purpose of this document is to give a more detailed understanding of the methodology, its strengths and weaknesses, and to present an overview of the findings. This document is also intended to stimulate debate within the MECS team around the kinds of information and market characteristics that remain unknown, and which could be addressed using discrete choice surveys in the future.