Choice Models

Choice models are analytical tools used to understand and predict how individuals make decisions among various options. They analyze factors like preferences, costs, and benefits to determine which choice a person is likely to select. For example, they can predict whether someone will buy a specific product based on price, features, and personal tastes. These models are used in fields like marketing, transportation, and public policy to improve decision-making and design offerings that better meet people's needs. Essentially, choice models help us understand the underlying reasons behind decision-making processes.