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COURSE PROGRAM

Each week consists of a 3.5 hour live online session, plus a series of pre-recorded videos that explain key concepts/theories and demonstrate widely used software tools in choice modelling. Students are also given exercises to complete in their own time each week. It is strongly recommended to reserve half a day each week to watch these videos, practice with software, and work on exercises.

 

Delegates will receive installation instructions and temporary licences (where needed)

for the following software tools:

 

• Apollo for estimating choice models

• Ngene for generating choice experimental designs

• SurveyEngine for creating online questionnaires and choice experiments

WEEK 1: INTRODUCTION TO CHOICE MODELLING

  • Introduction to key concepts

  • Study plan: a guide

  • Case studies: study plan

  • Decision rules

  • The multinomial logit model

WEEK 2: DATA COLLECTION

  • Stated and revealed preference data

  • Data collection: a guide

  • Creating questionnaires

  • Case study: revealed preference data collection

  • Case study: stated preference data collection

WEEK 3: MODEL BUILDING, SPECIFICATION, ESTIMATION AND REFINEMENT

  • Model specification and estimation: a guide

  • Formulating utility functions

  • Parameter estimates

  • Model comparison

  • Case study: model specification and estimation

WEEK 4: DESIGNING CHOICE EXPERIMENTS

  • Experimental design: a guide

  • Orthogonal designs

  • Efficient designs

  • Advanced designs

  • Case study: experimental design

WEEK 5: INTERPRETATION OF OUTPUTS AND MODEL APPLICATION

  • Relative importance of attributes

  • Marginal rates of substitution, willingness-to-pay

  • Predictions and elasticities

  • Determining precision of derived measures of interest

  • Case study: model interpretation and application

WEEK 6: ACCOUNTING FOR RANDOM PREFERENCE HETEROGENEITY

  • Heterogeneity: an overview

  • Latent class analysis

  • Mixed logit

  • Interpreting model results

  • Case study: random preference heterogeneity

WEEK 7: OTHER CHOICE MODELLING CONSIDERATIONS

  • Behavioural artefacts in choice models

  • Choice models with flexible error structures

  • Heteroskedastic choice models

  • Hybrid choice models

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