Rational Choice Models: The Temporal Tree Representation
SSRN Electronic Journal
2023
- 1,073Usage
Metric Options: Counts1 Year3 YearSelecting the 1-year or 3-year option will change the metrics count to percentiles, illustrating how an article or review compares to other articles or reviews within the selected time period in the same journal. Selecting the 1-year option compares the metrics against other articles/reviews that were also published in the same calendar year. Selecting the 3-year option compares the metrics against other articles/reviews that were also published in the same calendar year plus the two years prior.
Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
Choice models, specifying the consumer’s choice probability of an option over a given choice set, are widely studied and applied in many fields. We propose a temporal tree representation of choice that covers all rational choice models. Compared with the existing structural choice models, the tree representation exhibits two major advantages that overcome the major challenges of model identification. First, all rational choice models have a tree representation, and a subclass of tree representation (with set-dependent branching) has a one-to-one correspondence to the rational choice models. This bridges the gap in the existing characterizations of structural models, which are unidentifiable, impose uninterpretable conditions, or do not cover the entire space of rational choice models. Second, the tree representation allows for the flexibility of systematically specifying the choice model structure based on available knowledge and data. In particular, the number of parameters needed to specify a tree representation can be primarily determined by the sufficient knowledge level, which corresponds to a specific layer of the tree branching. The sufficient knowledge level can be empirically determined based on the amount of available data, which in turn determines the number of parameters needed for model estimation. Therefore, the tree representation allows for a natural way of data integration, avoiding misspecification due to restrictive assumptions and overfitting for general models.
Bibliographic Details
Provide Feedback
Have ideas for a new metric? Would you like to see something else here?Let us know