Balanced Value Impact Model

Choice modelling

Choice modelling is a family of survey-based methods to derive a stated preference from stakeholders. Surveys ask respondents to make a series of clear choices of their preferences when presented with various alternate descriptions of the object of valuation. These are offered as a set of attributions to be selected and levels of preference assigned to those choices. The levels and attributes are combined, using statistical design, into alternate scenarios which respondents can rank or choose. Discrete choice modelling provides an analytical framework to examine individuals' choices and their drivers.

Choice modelling is a highly sophisticated combination of economics, mathematics and statistics.  More tools are becoming available, but choice models remain complex to design and costly to apply. Choice modelling is thought to be a superior predictor of human behaviour and to make forecasts of future consumer demand. For instance, the outputs from choice modelling are routinely used in cost-benefit analyses of major new infrastructure developments. It also provides a valuable method for measuring the values people place on non-market goods and services.

See the Choice Modelling Centre at the University of Leeds https://cmc.leeds.ac.uk/

This page has paths: