Discrete Choice Analysis

Discrete Choice Analysis is a method used to understand how individuals make decisions when faced with multiple options. It examines the choices people make between different products, services, or features, by analyzing their preferences based on attributes like price, quality, or features. This approach helps researchers and businesses predict how changes in options or conditions influence decision-making, allowing for better product design, marketing strategies, and policy development. Essentially, it models real-world choices by quantifying the trade-offs people are willing to make among different alternatives.