A Symmetrical Analysis of Decision Making: Introducing the Gaussian Negative Binomial Mixture with a Latent Class Choice Model

Abstract

This research presents a model called the ‘Gaussian negative binomial mixture with a latent class choice model’, which serves as a robust and efficient tool for analyzing decisions across different areas. Our innovative model combines elements of mixture models, negative binomial distributions, and latent class choice modeling to create an approach that captures the complexities of decision-making processes. We explain how the model is formulated and estimated, showcasing its effectiveness in analyzing and predicting choices in scenarios. Through the use of a dataset, we demonstrate the performance of this method, marking a significant advancement in choice modeling. Our results highlight the applications of this model and point towards promising directions for future research, especially in exploring symmetrical patterns and structures, within decision-making processes.