Two Stochastic Multidimensional Choice Models for Marketing Research

Two Stochastic Multidimensional Choice Models for Marketing Research

TWO recently developed probabilistic multidimensional models for analyzing pairwise choice data are introduced, discussed in terms of their differential properties, and extended in several ways. The first one, the wandering vector model, was originally suggested by Carroll [12] and extended by De Soete and Carroll [30]. The second model, called the wandering ideal point model, is a more recentl...

Advancing Non-compensatory Choice Models in Marketing

The extant choice literature has proposed different non-compensatory rules as a more realistic description of consumers’ choice than a standard compensatory model. Some research has further suggested a two-stage sequential decision process of non-compensatory consideration and then compensatory choice, where the determinants of each stage may differ. Some aspects of non-compensatory choice mode...

Pricing Models in Marketing Research

Pricing a product is one of the most important decisions an organization can make. Marketing research has developed several different approaches to price optimization. They include direct methods such as estimation of willingness to pay, indirect methods such as Gabor-Granger and van Westendorp techniques, and product/price mix methods such as various discrete choice models. All of them are wid...

Psychometric Methods in Marketing Research: Part II, Multidimensional Scaling

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A Review of Multidimensional Scaling in Marketing Research