Model Choice Applied to Consumer Preferences

Iain Pardoe and Catherine A. Durham

Abstract

Standard model assessment techniques such as residual plots or Akaike's information criterion can be difficult to use or provide limited insight into model fit when applied in non-standard regression contexts such as random effects or mixture models. This paper considers the application of Bayesian ideas to model choice for a large consumer preference dataset where non-standard models appear to be needed but it is unclear which model is most appropriate. In addition, it is shown that suitably chosen graphical methods can provide insights into which of a set of competing models is most useful for different subsets of the data.

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Last updated: September 9, 2003


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© 2003, Iain Pardoe, Lundquist College of Business, University of Oregon

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