Nested Logit Or Random Coefficients Logit
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Nested Logit Or Random Coefficients Logit A Comparison Of Alternative Discrete Choice Models Of Product Differentiation
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Author : Laura Gribolon
language : en
Publisher:
Release Date : 2011
Nested Logit Or Random Coefficients Logit A Comparison Of Alternative Discrete Choice Models Of Product Differentiation written by Laura Gribolon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Discrete Choice Methods With Simulation
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Author : Kenneth Train
language : en
Publisher: Cambridge University Press
Release Date : 2009-07-06
Discrete Choice Methods With Simulation written by Kenneth Train and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-06 with Business & Economics categories.
This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Using Penalized Likelihood To Select Parameters In A Random Coefficients Multinomial Logit Model
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Author : Joel Horowitz
language : en
Publisher:
Release Date : 2019
Using Penalized Likelihood To Select Parameters In A Random Coefficients Multinomial Logit Model written by Joel Horowitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The multinomial logit model with random coefficients is widely used in applied research. This paper is concerned with estimating a random coefficients logit model in which the distribution of each coefficient is characterized by finitely many parameters. Some of these parameters may be zero. The paper gives conditions under which with probability approaching 1 as the sample size approaches infinity, penalized maximum likelihood (PML) estimation with the adaptive LASSO (AL) penalty function distinguishes correctly between zero and non-zero parameters in a random coefficients logit model. If one or more parameters are zero, then PML with the AL penalty function often reduces the asymptotic mean-square estimation error of any continuously differentiable function of the model’s parameters, such as a market share or an elasticity. The paper describes a method for computing the PML estimates of a random coefficients logit model. It also presents the results of Monte Carlo experiments that illustrate the numerical performance of the PML estimates. Finally, it presents the results of PML estimation of a random coefficients logit model of choice among brands of butter and margarine in the British groceries market.
Implementation And Application Of The Multidimensional Random Coefficients Multinomial Logit Model
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Author : Wenzhong Wang
language : en
Publisher:
Release Date : 1994
Implementation And Application Of The Multidimensional Random Coefficients Multinomial Logit Model written by Wenzhong Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
The Random Coefficients Logit Model Is Identified
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Author : Patrick Bajari
language : en
Publisher:
Release Date : 2009
The Random Coefficients Logit Model Is Identified written by Patrick Bajari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Consumers' preferences categories.
The random coefficients, multinomial choice logit model has been widely used in empirical choice analysis for the last 30 years. We are the first to prove that the distribution of random coefficients in this model is nonparametrically identified. Our approach exploits the structure of the logit model, and so requires no monotonicity assumptions and requires variation in product characteristics within only an infinitesimally small open set. Our identification argument is constructive and may be applied to other choice models with random coefficients.
Discrete Choice Analysis With R
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Author : Antonio Páez
language : en
Publisher: Springer Nature
Release Date : 2023-01-25
Discrete Choice Analysis With R written by Antonio Páez and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-25 with Mathematics categories.
This book is designed as a gentle introduction to the fascinating field of choice modeling and its practical implementation using the R language. Discrete choice analysis is a family of methods useful to study individual decision-making. With strong theoretical foundations in consumer behavior, discrete choice models are used in the analysis of health policy, transportation systems, marketing, economics, public policy, political science, urban planning, and criminology, to mention just a few fields of application. The book does not assume prior knowledge of discrete choice analysis or R, but instead strives to introduce both in an intuitive way, starting from simple concepts and progressing to more sophisticated ideas. Loaded with a wealth of examples and code, the book covers the fundamentals of data and analysis in a progressive way. Readers begin with simple data operations and the underlying theory of choice analysis and conclude by working with sophisticated models including latent class logit models, mixed logit models, and ordinal logit models with taste heterogeneity. Data visualization is emphasized to explore both the input data as well as the results of models. This book should be of interest to graduate students, faculty, and researchers conducting empirical work using individual level choice data who are approaching the field of discrete choice analysis for the first time. In addition, it should interest more advanced modelers wishing to learn about the potential of R for discrete choice analysis. By embedding the treatment of choice modeling within the R ecosystem, readers benefit from learning about the larger R family of packages for data exploration, analysis, and visualization.
Substitution Pattersn Of The Random Coefficients Logit
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Author : Thomas Steenburgh
language : en
Publisher:
Release Date : 2010
Substitution Pattersn Of The Random Coefficients Logit written by Thomas Steenburgh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Previous research suggests that the random coefficients logit is a highly flexible model that overcomes the problems of the homogeneous logit by allowing for differences in tastes across individuals. The purpose of this paper is to show that this is not true. We prove that the random coefficients logit imposes restrictions on individual choice behavior that limit the types of substitution patterns that can be found through empirical analysis, and we raise fundamental questions about when the model can be used to recover individuals' preferences from their observed choices. Part of the misunderstanding about the random coefficients logit can be attributed to the lack of cross-level inference in previous research. To overcome this deficiency, we design several Monte Carlo experiments to show what the model predicts at both the individual and the population levels. These experiments show that the random coefficients logit leads a researcher to very different conclusions about individuals' tastes depending on how alternatives are presented in the choice set. In turn, these biased parameter estimates affect counterfactual predictions. In one experiment, the market share predictions for a given alternative in a given choice set range between 17% and 83% depending on how the alternatives are displayed both in the data used for estimation and in the counterfactual scenario under consideration. This occurs even though the market shares observed in the data are always about 50% regardless of the display.
A Research Assistant S Guide To Random Coefficients Discrete Choice Models Of Demand
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Author : Aviv Nevo
language : en
Publisher:
Release Date : 1998
A Research Assistant S Guide To Random Coefficients Discrete Choice Models Of Demand written by Aviv Nevo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Demand (Economic theory) categories.
The study of differentiated-products markets is a central part of empirical industrial organization. Questions regarding market power, mergers, innovation, and valuation of new brands are addressed using cutting-edge econometric methods and relying on economic theory. Unfortunately, difficulty of use and computational costs have limited the scope of application of recent developments in one of the main methods for estimating demand for differentiated products: random coefficients discrete choice models. As our understanding of these models of demand has increased, both the difficulty and costs have been greatly reduced. This paper carefully discusses the latest innovations in these methods with the hope of (1) increasing the understanding, and therefore the trust, among researchers who never used these methods, and (2) reducing the difficulty of use, and therefore aiding in realizing the full potential of these methods.
Discrete Choice Methods With Simulation
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Author : Kenneth Train
language : en
Publisher: Cambridge University Press
Release Date : 2003-01-13
Discrete Choice Methods With Simulation written by Kenneth Train and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-13 with Business & Economics categories.
Table of contents
Econometric Models For Industrial Organization
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Author : Matthew Shum
language : en
Publisher: World Scientific
Release Date : 2016-12-14
Econometric Models For Industrial Organization written by Matthew Shum and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-14 with Business & Economics categories.
Economic Models for Industrial Organization focuses on the specification and estimation of econometric models for research in industrial organization. In recent decades, empirical work in industrial organization has moved towards dynamic and equilibrium models, involving econometric methods which have features distinct from those used in other areas of applied economics. These lecture notes, aimed for a first or second-year PhD course, motivate and explain these econometric methods, starting from simple models and building to models with the complexity observed in typical research papers. The covered topics include discrete-choice demand analysis, models of dynamic behavior and dynamic games, multiple equilibria in entry games and partial identification, and auction models.