Loan purchase and securitization by Freddie Mac, Fannie Mae and private-label commercial mortgage-backed securities (CMBS) grew rapidly during the 1990s and accounted for more than one-half of the net growth in multifamily debt over the decade. By facilitating the integration of the multifamily...

In an attempt to stay on the market in a more and more competitive environment, banks turn to classifying clients in behavioral types and consequently adapt their offer, their dialogue and negotiation techniques and also their selling tactics. The final goal is to maintain and attract a market...

We estimate the direct effects of rewards card programs on consumer payment choice for in-store transactions. By using a data set that contains information on consumer perceived attributes of payment methods and consumer perceived acceptance of payment methods by merchants, we control for...

We propose a consistent utility-based framework to jointly explain a household's decisions on purchase incidence, brand choice and purchase quantity. The approach differs from other approaches, currently available in the literature, as it is able to take into account consumption dynamics. In the...

We propose a new method to model consumers' consideration and choice processes. We develop a parsimonious probit type model for consideration and a multinomial probit model for choice, given consideration. Unlike earlier models of consideration ours is not prone to the curse of dimensionality,...

This study investigates the impact of choice complexity on consumer utility and choice.The authors find that for choices with up to seven alternatives and seven attributes choice accuracy is affected by three context-based complexity effects but not by task-based complexity.The results suggest...

This paper develops a theoretical model of optimal effort in consumer choice.The model extends previous consumer choice models in that the consumer not only chooses a product, but also decides how much effort to apply to a given choice problem.The model yields a unique optimal level of effort,...

This paper describes how state-of-the-art methods of choice modeling can be used to analyze consumer choice behavior in "competitive" health insurance markets. I use the insurance choices of senior citizens in the U.S. as an example. I then consider the issue of whether consumers benefit when we...

In recent years, major advances have taken place in three areas of random utility modeling: (1) semiparametric estimation, (2) computational methods for multinomial probit models, and (3) computational methods for Bayesian stimation. This paper summarizes these developments and discusses their...

Until recently, computational constraints forced researchers in the discrete choice area to limit themselves to very simple statistical models, such as the multinomial logit (MNL), in which choice probabilities could be evaluated quickly on a computer. But the MNL only makes sense as a...