Determining the Degree of Dominance of Factors Deriving the Comparative Choice Hierarchy: An Operational Generalization of Latent Choice Models

Salman A. Cheema (), Tanveer Kifayat, Irene L. Hudson, Asif Mehmood, Kalim Ullah and Abdur R. Rahman
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Salman A. Cheema: National Textile University Faisalabad
Tanveer Kifayat: Shaheed Zulfikar Ali Bhutto Institute of Science and Technology
Irene L. Hudson: Royal Melbourne Institute of Technology (RMIT)
Asif Mehmood: Air University Islamabad
Kalim Ullah: Foundation University Medical College, Foundation University Islamabad
Abdur R. Rahman: The Aga Khan University

A chapter in Analytics Enabled Decision Making, 2023, pp 59-88 from Springer

Abstract: Abstract This chapter fundamentally aims at the development of generalized framework encapsulating a wide range of dynamic utility functional and resultant latent choice models. The objectives are served by the application of well cherished exponential family of distributions capable of entertaining numerous probabilistic articulations through a single comprehensive and elegant expression. Moreover, the utility of the proposed scheme is further substantiated by delineating the working pedagogy in accordance with the rapidly embraced Bayesian paradigm. The legitimacy of the devised mechanism in the pursuit of optimal decision-making is advocated with respect to diverse experimental states. We entertained varying extent of worth parameters describing the preference ordering, different sample sizes and distinguished stochastic formations to inject the prior information or historic data in the demonstration of choice behaviors.

Keywords: Choice behaviors; Latent choice models; Prior information; Utility functional (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-9658-0_4

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DOI: 10.1007/978-981-19-9658-0_4

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