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This tutorial presents a hands-on introduction to a new discrete
choice modeling approach based on the behavioral notion of
regret-minimization. This so-called Random Regret
Minimization-approach (RRM) forms a counterpart of the Random
Utility Maximization-approach (RUM) to discrete choice modeling,
which has for decades dominated the field of choice modeling and
adjacent fields such as transportation, marketing and environmental
economics. Being as parsimonious as conventional RUM-models and
compatible with popular software packages, the RRM-approach
provides an alternative and appealing account of choice behavior.
Rather than providing highly technical discussions as usually
encountered in scholarly journals, this tutorial aims to allow
readers to explore the RRM-approach and its potential and
limitations hands-on and based on a detailed discussion of
examples. This tutorial is written for students, scholars and
practitioners who have a basic background in choice modeling in
general and RUM-modeling in particular. It has been taken care of
that all concepts and results should be clear to readers that do
not have an advanced knowledge of econometrics.
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