Modeling Ordered Choices
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Modeling Ordered Choices
A synthesis of developments in ordered choice modeling over the past fifty years.
Modeling Ordered Choices
Author: William H. Greene
language: en
Publisher: Cambridge University Press
Release Date: 2010-04-08
It is increasingly common for analysts to seek out the opinions of individuals and organizations using attitudinal scales such as degree of satisfaction or importance attached to an issue. Examples include levels of obesity, seriousness of a health condition, attitudes towards service levels, opinions on products, voting intentions, and the degree of clarity of contracts. Ordered choice models provide a relevant methodology for capturing the sources of influence that explain the choice made amongst a set of ordered alternatives. The methods have evolved to a level of sophistication that can allow for heterogeneity in the threshold parameters, in the explanatory variables (through random parameters), and in the decomposition of the residual variance. This book brings together contributions in ordered choice modeling from a number of disciplines, synthesizing developments over the last fifty years, and suggests useful extensions to account for the wide range of sources of influence on choice.
Modeling Ordered Choices
We survey the literature on models for ordered choices, including ordered logit and probit specifications. The contemporary form of the model is presented and analyzed in detail. The historical development of the model is presented as well. We detail a number of generalizations that have appeared in the recent literature. Finally, we propose a new form of the model that accommodates in a natural, internally consistent form, functional form flexibility and individual heterogeneity. Much of this study is pedagogical. However, the last few sections propose new model formulations, and illustrate them with an application to self reported health satisfaction.