Microeconometric Modelling of Choice - ECON4205

This course covers the specification, estimation and use of statistical models that are necessary to model discrete choices made by individuals, households, firms, etc. What influences an individual to work part-time rather than full-time, or to choose one brand of television amongst a range of alternatives? What drives the location choices of retail stores? Students will be introduced to situations where choice data come from stated as well as revealed preferences. Stated preference methods are especially common in marketing, health and environmental economics where revealed preference data are scarce because the product is new or there is no formal market. Special emphasis will be placed on illustrating the appropriate application of such data and associated models using case studies.