Showing papers by "Daniel McFadden published in 2019"
Book•
30 Apr 2019
TL;DR: The foundation of stated preference elicitation: consumer behavior and choice-based conjoint analysis is discussed in this article, where the authors propose a consumer preference analysis model based on consumer behavior.
Abstract: Foundations of Stated Preference Elicitation: Consumer Behavior and Choice-based Conjoint Analysis
122 citations
13 Mar 2019
TL;DR: In the 19 th century, when the United States was a new nation, it had an unregulated free market system for banking and credit, and the U.S. economy grew rapidly as mentioned in this paper.
Abstract: IN THE 19 th Century, when the United States was a new nation, it had an unregulated free market system for banking and credit. Any individual with a reputation for honesty among his neighbors could open a bank, accept deposits, make loans, and issue script that could be used as money. This system fueled innovation by creating markets in which resources could flow to their most roductive use, and the U.S. economy grew rapidly. However, the system was intrinsically unstable. Any natural event, loan whose quality was questioned, or even rumor could set off a run of withdrawals by depositors that the bank had insufficient liquidity to satisfy, leading the bank to fail. This could happen even in circumstances where the fundamentals of the bank were sound, with solid prospects for eventual recovery of loan principal and interest that would cover all deposits. Further, these panics and the resulting bank failures spread havoc, ruining depositors and businesses who lost their lines of credit. The failures often cascaded into national panics that fed violent business cycles with frequent contractions. Not only did these financial stutters in the system slow the pace of economic growth, but they placed a heavy toll on the lives of individuals.