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Theory Driven Choice Models 营销战略专题
Marketing Letters 16:3/4, 225–237, 2005
c
2005 Springer Science + Business Media, Inc. Manufactured in the Netherlands.
Theory-Driven Choice Models
¨
TULIN ERDEM erdem@haas.berkeley.edu
Haas School of Business, University of California, Berkeley
KANNAN SRINIVASAN
GSTA, Carnegie-Mellon University
WILFRED AMALDOSS
PATRICK BAJARI
Fuqva School of Business, Duke University
HAI CHE
TECK HO
Haas School of Business, University of California, Berkeley
WES HUTCHINSON
Wharton, University of Pennsylvania
MICHAEL KATZ
Haas School of Business, University of California, Berkeley
MICHAEL KEANE
Economics Department, Yale University
ROBERT MEYER
Wharton, University of Pennsylvania
PETER REISS
Graduate School of Business, Stanford University
Abstract
We explore issues in theory-driven choice modeling by focusing on partial-equilibrium models of dynamic struc-
tural demand with forward-looking decision-makers, full equilibrium models that integrate the supply side, integra-
tion of bounded rationality in dynamic structural models of choice and public policy implications of these models.
Keywords: dynamic choice, structural modeling and estimation, heuristics and biases
There are at least three reasons to care about choice and decision making: (a) knowledge
for its own sake (i.e., explaining choice processes); (b) the design of business strategy and
tactics; and (c) the design of public policy. The goal of the theory-driven approach is to
generate more accurate and useful models of choice for all three purposes.
There has been considerable debate about what constitutes a “theory-driven” or “struc-
tural” model. The underlying distinction is worth exploring, if not obsessing over. The
question of whether an empirical model
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