Lecture 10: Advanced Concepts of Discrete-Choice Theory

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RockSinCity
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In this lecture, I will present two advanced concepts. First, nonlinear
utilities which are needed to model indifference regimes or,
reversely, increased sensitivity near the reference point according to
the prospect theory of Kahnemann and Tversky. Secend, I will
introduce general extreme value (GEV) models which are the simplest
models to include correlated random utilities. This is needed in
hierarchical decisions such as simultaneous destination and mode
choice or chosing between a car and different variants of public
transport, e.g., buses and trams
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