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A sequential choice model for multiple discrete demand
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Sanghak | - |
dc.contributor.author | Kim, Sunghoon | - |
dc.contributor.author | Park, Sungho | - |
dc.date.accessioned | 2022-10-05T04:16:48Z | - |
dc.date.available | 2022-10-05T04:16:48Z | - |
dc.date.created | 2022-08-17 | - |
dc.date.issued | 2022-06 | - |
dc.identifier.citation | Quantitative Marketing and Economics, Vol.20 No.2, pp.141-178 | - |
dc.identifier.issn | 1570-7156 | - |
dc.identifier.uri | https://hdl.handle.net/10371/185413 | - |
dc.description.abstract | Consumer demand in a marketplace is often characterized to be multiple discrete in that discrete units of multiple products are chosen together. This paper develops a sequential choice model for such demand and its estimation technique. Given an inherently high-dimensional problem to solve, a consumer is assumed to simplify it to a sequence of one-unit choices, which eventually leads to a shopping basket of multiple discreteness. Our model and its estimation method are flexible enough to be extended to various contexts such as complementary demand, non-linear pricing, and multiple constraints. The sequential choice process generally finds an optimal solution of a convex problem (e.g., maximizing a concave utility function over a convex feasible set), while it might result in a sub-optimal solution for a non-convex problem. Therefore, in case of a convex optimization problem, the proposed model can be viewed as an econometrician's means for establishing the optimality of observed demand, offering a practical estimation algorithm for discrete optimization models of consumer demand. We demonstrate the strengths of our model in a variety of simulation studies and an empirical application to consumer panel data of yogurt purchase. | - |
dc.language | 영어 | - |
dc.publisher | Kluwer Academic Publishers | - |
dc.title | A sequential choice model for multiple discrete demand | - |
dc.type | Article | - |
dc.identifier.doi | 10.1007/s11129-022-09250-9 | - |
dc.citation.journaltitle | Quantitative Marketing and Economics | - |
dc.identifier.wosid | 000779222900001 | - |
dc.identifier.scopusid | 2-s2.0-85127719936 | - |
dc.citation.endpage | 178 | - |
dc.citation.number | 2 | - |
dc.citation.startpage | 141 | - |
dc.citation.volume | 20 | - |
dc.description.isOpenAccess | N | - |
dc.contributor.affiliatedAuthor | Park, Sungho | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
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