Discrete choice models of the probability of default (PD) have several applications in finance. In some applications, such as credit scoring, their value is in ranking applicants or customers by PD.

Customer preferences may not be rational, so we focus on quantifying the limit of rationality (LoR) in choice modeling applications. We define LoR as the cost of approximating the observed choice ...

Value in Health, the official journal of ISPOR- the professional society for health economics and outcomes research, announced today the publication of research demonstrating that discrete choice ...