Statistical Properties of Consideration Sets

Richard Carson and Jordan J. Louviere

University of California at San Diego, Economics Working Paper Series from Department of Economics, UC San Diego

Abstract: Consideration sets have become a central concept in the study of consumer behavior. Frequently, consumers are asked to split choice alternatives into those that that they would consider and those that they would not. Information on alternatives not in the consideration set is then typically not used in subsequent analysis. This practice is shown to lead to biased estimates of preference parameters. The reason for this is shown to be a form of sample selection bias.

Keywords: choice models; random utility; sample selection bias (search for similar items in EconPapers)
Date: 2006-07-01
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: Statistical properties of consideration sets (2015)
Journal Article: Statistical properties of consideration sets (2014)
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