Multilayer feedforward networks are universal approximators
Neural Networks
Introduction to the theory of neural computation
Introduction to the theory of neural computation
Neural Networks for Pattern Recognition
Neural Networks for Pattern Recognition
Pattern Recognition and Neural Networks
Pattern Recognition and Neural Networks
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Brand choice models used to analyze households purchase data as a rule have a linear (deterministic) utility function, i.e. they conceive utility as linear combination of predictors like price, sales promotion variables, brand name and other product attributes. To discover nonlinear effects on brands' utilities in a flexible way we specify deterministic utility by means of a certain type of neural net. This feedforward multilayer perceptron is able to approximate any continuous multivariate function and its derivatives with the desired level of precision. In an empirical study the neural net based choice model leads to better results with regard to both estimation and test data, and implies different choice elasticities.