Discrete Choice Modeling with Applications to the Travel Industry
Workshop E
Wednesday, Oct. 3
1:30-4:30 p.m.
Discrete choice models have been used for more than 30 years in marketing, economics, transportation, and other fields to understand how much customers are willing to pay for different product attributes.
Get an introduction to the estimation and application of discrete choice models. Start with fundamental concepts of the multinomial logit and nested logit models, two of the most common models. Then, get a hands-on lab based on “real-world” data from the travel industry to learn how to estimate MNL and NL models and interpret model coefficients.
A 30-day trial version of estimation software for MNL and NL models is provided as part of the registration fee.
You should bring a laptop to the tutorial. Instructions for how to download the software will be distributed approximately one week prior to the course.
In this workshop you will:
- Gain insight on how to estimate MNL and NL models and to interpret parameters from MNL and NL models and select a "preferred" model for implementation.
- Identify estimation problems that occur because of data coding errors and/or incorrectly specifying models.
- Hear examples of successful implementations of discrete choice models
Instructors:
Laurie Garrow, Assistant Professor, Georgia Institute of Technology, and Frank S. Koppelman, Professor Emeritus of Civil and environmental engineering at Northwestern University
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