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| Discrete Choice Demand Model× | Choice Experiment Valuation× | |
|---|---|---|
| Campo | Economia | Economia |
| Famiglia≠ | Regression model | Process / pipeline |
| Anno di origine≠ | 1995 | 1974 |
| Ideatore≠ | Daniel McFadden (logit); Berry, Levinsohn & Pakes (random-coefficients aggregate demand) | Random utility theory (McFadden); applied to valuation by Louviere & Hensher |
| Tipo≠ | Characteristics-based discrete-choice model of demand for differentiated products | Attribute-based stated-preference valuation method |
| Fonte seminale≠ | McFadden, D. (1974). Conditional logit analysis of qualitative choice behavior. In P. Zarembka (Ed.), Frontiers in Econometrics. Academic Press. ISBN: 9780127761503 | McFadden, D. (1974). Conditional logit analysis of qualitative choice behavior. In P. Zarembka (Ed.), Frontiers in Econometrics (pp. 105–142). New York: Academic Press. ISBN: 9780127761503 |
| Alias | Discrete Choice Demand, Random-Coefficients Logit Demand, BLP Demand Model, Characteristics-Based Demand Model | Discrete Choice Experiment, DCE, Choice-Based Conjoint Valuation, Stated Choice Experiment |
| Correlati≠ | 3 | 2 |
| Sintesi≠ | Discrete-choice demand models estimate the demand for differentiated products — cars, cereals, computers — by modeling consumers as choosing the single product that maximizes their random utility, where utility depends on the product's observed characteristics and price plus an unobserved quality term and an idiosyncratic taste shock. Aggregating individual choice probabilities yields predicted market shares, which are matched to observed shares to recover preference parameters. The framework spans the simple multinomial and nested logit of McFadden to the Berry-Levinsohn-Pakes (BLP) random-coefficients model that uses aggregate market data, allows flexible substitution, and instruments for price endogeneity. | A choice experiment (discrete choice experiment, DCE) is an attribute-based stated-preference method that values non-market goods by describing them as bundles of characteristics and asking respondents to choose repeatedly among competing alternatives — one of which always carries a cost. Grounded in random utility theory, the choices are modeled with a discrete-choice model whose coefficients reveal the relative value of each attribute, and dividing any attribute's coefficient by the cost coefficient yields its marginal willingness to pay. |
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