Latent class structures: taste heterogeneity and beyond

Stephane Hess

Chapter 14 in Handbook of Choice Modelling, 2024, pp 372-391 from Edward Elgar Publishing

Abstract: Latent class models have a long tradition in choice modelling as a tool for capturing heterogeneity across individual decision-makers. This chapter discusses the key differences between latent class structures and their continuous analogues such as Mixed Logit. The chapter looks in detail at flexibility of distributional assumptions, correlation between different sensitivities, and the post estimation inference using posterior distributions. There is also detailed discussion of recent work that has made use of latent class models to go beyond taste heterogeneity alone, looking at accommodating heterogeneity in decision rules and processing strategies.

Keywords: Economics and Finance; Environment; Geography; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2024
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