Abstract #301155

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JSM 2003 Abstract #301155
Activity Number: 110
Type: Topic Contributed
Date/Time: Monday, August 4, 2003 : 10:30 AM to 12:20 PM
Sponsor: Section on Statistics and Marketing
Abstract - #301155
Title: Observing Unobserved Heterogeneity: Using Process Data to Enhance Choice Models
Author(s): Bruce G. Hardie*+ and Robert J. Meyer and John Walsh and Eric Johnson
Companies: London Business School and University of Pennsylvania and IMD International and Columbia University
Address: Sussex Place, Regent's Park, London, , NW1 4SA, England
Keywords: heterogeneity ; process tracing ; choice modeling
Abstract:

People use different ways of processing information when making choices, however modeling such process heterogeneity is difficult in standard choice experiments. We explore the possibility of augmenting choice models with information-acquisition data unobtrusively gathered in the course of a choice experiment. We show that process-tracing data enhances the predictive validity of choice models and examine methods for modeling such data. We describe a technique for modeling process heterogeneity in which standard logit specifications are augmented by rank- and screening-dependent utility components and respondent-specific variables. These components improve in-sample fit, prediction in a holdout sample, and produce less biased estimates of choice probabilities.

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