Publication

Location choice with longitudinal WiFi data

Michel Bierlaire
2015
Reports

Abstract

While moving from diary survey to location-aware technologies, recent data collection techniques provide new insights about location choices. Only few dynamic models of location choice exist in the literature, and none of them to our knowledge correct for serial correlation. In this paper, we apply a method proposed by Wooldridge (2005) to deal with the initial values problem on the choice of catering locations on a campus using WiFi traces. Cross-validation, price elasticity and simulation of a scenario predicting the opening of a new catering location are presented. Predicted market shares of the new catering location correspond to point-of-sale data of the first week of opening.

Official source

https://infoscience.epfl.ch/entities/publication/d99e7d95-712c-4aeb-a6ad-15382daff414

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Michel Bierlaire
2015
Reports

Abstract

Official source

https://infoscience.epfl.ch/entities/publication/d99e7d95-712c-4aeb-a6ad-15382daff414

About this result

Related concepts (32)

Data

In common usage and statistics, data (USˈdætə; UKˈdeɪtə) is a collection of discrete or continuous values that convey information, describing the quantity, quality, fact, statistics, other basic units of meaning, or simply sequences of symbols that may be further interpreted formally. A datum is an individual value in a collection of data. Data is usually organized into structures such as tables that provide additional context and meaning, and which may themselves be used as data in larger structures.

Price elasticity of demand

A good's price elasticity of demand (, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded.

Elasticity (economics)

In economics, elasticity measures the responsiveness of one economic variable to a change in another. If the price elasticity of the demand of something is -2, a 10% increase in price causes the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is inelastic demand and supply and other one is elastic demand and supply.

Related publications (32)

Location choice with longitudinal WiFi data

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