The invariant proportion of substitution (IPS) property of discrete-choice models
by Thomas Steenburgh and Harvard Business School. Division of Res...
This article identifies a property of several standard discrete-choice models that amounts to an implicit assumption about individual choice behavior. This property, which I call the Invariant Proportion of Substitution (IPS), implies that the proportion of growth in expected own-good choice that an individual consumer draws from a given competing alternative is the same no matter which own-good attribute is improved. The IPS and Independence from Irrelevant Alternatives (IIA) properties are similar. But models that relax IIA, such as generalized extreme value (GEV) and covariance probit models, do not necessarily also relax IPS. Some models that do relax IPS are discussed.
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The invariant proportion of substitution (IPS) property of discrete-choice models
2006, Division of Research, Harvard Business School
in English
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Revision of: The IPS property. c2004.
"31 May 2006"--Added t.p.
Includes bibliographical references.
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