Integrated choice and latent variable (ICL V) models represent a promising new class of models which merge classic choice models with the structural equation approach (SEM) for latent variables. Despite their conceptual appeal, applications of ICLV models in marketing remain rare. We extend previous ICL V applications by first estimating a multinomial choice model and, second, by estimating hierarchical relations between latent variables. An empirical study on travel mode choice clearly demonstrates the value of ICL V models to enhance the understanding of choice processes. In addition to the usually studied directly observable variables such as travel time, we show how abstract motivations such as power and hedonism as well as attitudes such as a desire for flexibility impact on travel mode choice. Furthermore, we show that it is possible to estimate such a complex ICLV model with the widely available structural equation modeling package Mplus. This finding is likely to encourage more widespread application of this appealing model class in the marketing field.

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ZusammenfassungIn SummaryTraditional choice models assume that observable behavior results from an unspecified evaluation process of the observed individual. When it comes to the revelation of this process mere choice models rapidly meet their boundaries, as psychological factors (e.g., consumers' perception or attitudes towards products) are not directly measurable variables and therefore cannot offhand be integrated within the model structure. The causal-analytic approach offers the possibility to specify not directly measurable factors as latent variables, and can thus reasonably supplement choice models. So far, methodological approaches investigating latent variables, and traditional choice models are perceived and applied independently of one another. In this paper the possibilities of an integration of latent variables into traditional choice models is pointed out, and an introduction into the modeling of hybrid choice models is provided. Furthermore, potential areas of application in marketing research are outlined.

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