Lecture
This lecture discusses the importance of modeling choice behavior in various fields such as transportation, marketing, health, and energy. It covers the concept of demand, the applications of choice modeling, and the development of valid demand models. The instructor emphasizes the need for theories, methods, and models that are quantitative, operational, and focused on individual behavior. The lecture also highlights the history of choice modeling, mentioning Professor Daniel McFadden, the Nobel Prize winner in 2000, who is known as the father of choice modeling.