On substitutability and complementarity in discrete choice models |
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| Authors: | Guiyun Feng Xiaobo Li Zizhuo Wang |
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| Affiliation: | Department of Industrial and Systems Engineering, University of Minnesota, 111 Church St SE, Minneapolis, MN 55455, USA |
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| Abstract: | In this paper, we propose the concepts of substitutability and complementarity in discrete choice models. These concepts concern whether the choice probability of one alternative in a choice model increases or decreases with the utility of another alternative, and they play important roles in capturing certain practical choice patterns, such as the halo effect. We study conditions on discrete choice models that will lead to substitutability and complementarity. We also present ways of constructing choice models that exhibit complementary property. |
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| Keywords: | Discrete choice models Substitutability Complementarity Halo effect Random utility model Representative agent model |
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