Choice Modeling

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Discrete Choice Modeling and Conjoint Analysis

taught by Anthony Babinec

Aim of Course:

In purchasing broadband internet service, what attributes matter to consumers? Price? Maximum bandwidth? Average bandwidth? Uptime? What is the consumer's ideal product? Are there consumer segments for which differential offerings could be constructed?

In this online course, “Discrete Choice Modeling and Conjoint Analysis,” you will learn statistical techniques that address questions like this. Conjoint analysis is a marketing research technique that asks respondents to rank, rate, or choose among multiple products or services, where each product is described using multiple characteristics. Participants in this course will learn how to use experimental designs to manipulate the appearance of attribute levels in product concepts. Then, after the data are collected, participants will use statistical methods to infer how the product attribute levels drive preference or choice. They will then be able to use the resulting model to model how the market would choose among a set of competing product alternatives.

Course Program:

WEEK 1: Fundamental Concepts

  • Ranks, ratings, choices
  • Random utility models

WEEK 2: Designing Conjoint and Choice Studies

  • Samples
  • Surveys
  • Panel data
  • Criteria for obtaining better designs

WEEK 3: Conjoint Analysis of Rank Data

  • Conjoint analysis of rank and ratings
  • Conjoint simulation

WEEK 4: Introduction to the Multinomial Logit Model

  • Multinomial logit model
  • Maximum likelihood estimation
  • Extensions to the basic model


HOMEWORK:

Homework in this course consists of short answer questions to test concepts and guided data analysis problems using software.

Guided data modeling problems using software

In addition to assigned readings, this course also has Discussion tasks, and an end of course data modeling project.


Discrete Choice Modeling and Conjoint Analysis

Who Should Take This Course:

Market researchers and consultants, analysts studying corporate strategy.

Level:

Advanced/Intermediate

Prerequisite:
Participants should have some familiarity with statistical modeling techniques (e.g. regression).


Organization of the Course:

This course takes place online at the Institute for 4 weeks. During each course week, you participate at times of your own choosing - there are no set times when you must be online. Course participants will be given access to a private discussion board. In class discussions led by the instructor, you can post questions, seek clarification, and interact with your fellow students and the instructor.

At the beginning of each week, you receive the relevant material, in addition to answers to exercises from the previous session. During the week, you are expected to go over the course materials, work through exercises, and submit answers. Discussion among participants is encouraged. The instructor will provide answers and comments, and at the end of the week, you will receive individual feedback on your homework answers.

Time Requirement:
About 15 hours per week, at times of  your choosing.

Credit:
Students come to the Institute for a variety of reasons. As you begin the course, you will be asked to specify your category:

  1. You may be interested only in learning the material presented, and not be concerned with grades or a record of completion.
  2. You may be enrolled in PASS (Programs in Analytics and Statistical Studies) that requires demonstration of proficiency in the subject, in which case your work will be assessed for a grade.
  3. You may require a "Record of Course Completion," along with professional development credit in the form of Continuing Education Units (CEU's).  For those successfully completing the course,  CEU's and a record of course completion will be issued by The Institute, upon request.
This course is also recognized by the Institute for Operations Research and the Management Sciences (INFORMS) as helpful preparation for the Certified Analytics Professional (CAP®) exam, and can help CAP®analysts accrue Professional Development Units to maintain their certification .


Course Text:

The course text is Applied Choice Analysis: A Primer by David A. Hensher, John M. Rose and William H. Greene, published by Cambridge Press.

Software:

Examples of design and analysis will be shown in various software packages. While the course text is tuned to Nlogit/Limdepo, no software is required to do the coursework.


Discrete Choice Modeling and Conjoint Analysis

Instructor(s):
Dates:
April 07, 2017 to May 05, 2017April 06, 2018 to May 04, 2018

Course Fee: $589