Interpreting and responding to people's choices
Economists + Psychologists = Choice
What is choice modelling? It is the development of a system or process to predict the act of choosing between two or more possibilities. Choice modelling builds a picture of how alternative paths are valued and the trade-offs people are prepared to consider when choosing between them.
The UniSA Business School Institute for Choice (I4C) works with partners in government and private industry, applying economic models to better understand how citizens, customers and other stakeholders make choices and how this feeds back into institutional planning and decision-making.
I4C brings together some of the world’s leading research experts in choice modelling. It continues to break new ground by combining the perspectives and expertise of many disciplines, including economics, psychology, mathematics, econometrics and statistics, marketing and management science.
At I4C, research impacts how governments develop policy and how businesses plan for their future. We are in the business of providing practical solutions to relevant and complex problems.
Modern transport is evolving rapidly, with everything from the emergence of Uber to the imminent arrival of the driverless car changing how and where we choose to live. Dr Akshay Vij is at the forefront of research to help society plan for, shape and regulate a future that will be very different to the present.
Professor Andrew Beer is at the forefront of research into how Australia should shape its future, from housing markets and regional development to the impact of an ageing population. He believes there are no boundaries in the social, economic and behavioural sciences, and that business schools are made stronger and more relevant by the integration of new disciplines.
Professor Akshay Vij
Professor Andrew Beer
Ten years ago, the average data storage cost was $1.24; now it’s just under $0.03. Data has never been easier or cheaper to collect and store…but does that mean businesses are making better decisions because of it?
The rise of myriad novel technologies and consumer targeting options has left many Chief Marketing Officers managing a constant state of flux. With the need to intimately understand technology systems and analytics tools, it's not surprising that many CMOs feel underprepared to deal with the data explosion.
Understanding customer choice is critical for business growth. The innovative 3-circles model provides a comprehensive understanding of your customers’ choices to help create and execute sustainable growth strategies.
Buy or rent? Life support – on or off? Property or shares? Genetically modified beans or regular? These are all choices with a simple ‘yes’ or ‘no’ answer, but the gravity and consequences of each can be monumental.