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Explore the theoretical underpinnings and practical applications of discrete choice modelling, specifically tailored for understanding and forecasting air travel demand. This research offers valuable insights into passenger preferences and market dynamics for effective transportation planning and policy.

This chapter delves into the fundamental economic principles of marginal utility and consumer choice, illustrating how individuals make purchasing decisions to maximize their satisfaction. Explore the law of diminishing marginal utility and its profound impact on utility maximization, providing critical insights into economic decision making and the foundations of demand theory.