Understanding Preference Elicitation

This lecture delves into the intricacies of preference elicitation, exploring how individuals make choices based on various attributes like cost, time, comfort, and safety. The discussion covers the challenges of measuring and interpreting preferences, including the use of latent variables and the impact of external events on decision-making. The instructor provides insights on modeling preferences over time, handling categorical variables as continuous, and the importance of exploratory analysis in understanding latent variables. Additionally, the lecture touches on the application of machine learning methods to generate latent variables and their integration into choice modeling.