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Forecasting new product penetration with flexible substitution patterns

  • Author(s): Brownstone, David
  • Train, Kenneth
  • et al.
Abstract

We describe and apply choice models, including generalizations of logit called 'mixed logits,' that do not exhibit the restrictive 'independence from irrelevant alternatives' property and can approximate any substitution pattern. The models are estimated on data from a stated-preference survey that elicited customers' preferences among gas, electric, methanol, and CNG vehicles with various attributes.

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