Nested Logit Or Random Coefficients Logit A Comparison Of Alternative Discrete Choice Models Of Product Differentiation
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Nested Logit Or Random Coefficients Logit
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Author : Laura Grigolon
language : en
Publisher:
Release Date : 2011
Nested Logit Or Random Coefficients Logit written by Laura Grigolon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Choice of transportation categories.
We start from an aggregate random coefficients nested logit (RCNL) model to provide a systematic comparison between the tractable logit and nested logit (NL) models with the computationally more complex random coefficients logit (RC) model. We first use simulated data to assess possible parameter biases when the true model is a RCNL model. We then use data on the automobile market to estimate the different models, and as an illustration assess what they imply for competition policy analysis. As expected, the simple logit model is rejected against the NL and RC model, but both of these models are in turn rejected against the more general RCNL model. While the NL and RC models result in quite different substitution patterns, they give robust policy conclusions on the predicted price effects from mergers. In contrast, the conclusions for market definition are not robust across different demand models. In general, our findings suggest that it is important to account for sources of market segmentation that are not captured by continuous characteristics in the RC model.
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.
Digital Science
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Author : Tatiana Antipova
language : en
Publisher: Springer
Release Date : 2018-10-18
Digital Science written by Tatiana Antipova and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-18 with Technology & Engineering categories.
This book gathers the proceedings of the 2018 International Conference on Digital Science (DSIC’18), held in Budva, Montenegro, on October 19 – 21, 2018. DSIC’18 was an international forum for researchers and practitioners to present and discuss the latest innovations, trends, results, experiences and concerns in Digital Science. The main goal of the Conference was to efficiently disseminate original findings in the natural and social sciences, art & the humanities. The contributions address the following topics: Digital Agriculture & Food Technology Digital Art & Humanities Digital Economics Digital Education Digital Engineering Digital Environmental Sciences Digital Finance, Business & Banking Digital Health Care, Hospitals & Rehabilitation Digital Media Digital Medicine, Pharma & Public Health Digital Public Administration Digital Technology & Applied Sciences Digital Virtual Reality
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.
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 Generic Form For Capturing Unobserved Heterogeneity In Discrete Choice Modelling
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Author : Ali Yazdizadeh
language : en
Publisher:
Release Date : 2016
A Generic Form For Capturing Unobserved Heterogeneity In Discrete Choice Modelling written by Ali Yazdizadeh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Discrete choice models and their strength to predict individual choices mostly depend on the quality of datasets that have been used for model generation. However, even the most comprehensive and detailed datasets are not able to observe all factors pertinent to someone’s choice. This issue in the choice modelling literature has been addressed as unobserved heterogeneity, which means that individuals across populations are not affected identically by alternative attributes. Furthermore, such variation in preferences across populations and their sources are not always recognized by researchers. There are different methods to capture unobserved heterogeneity proposed in the discrete choice literature among which the random parameters approach, also referred to as mixed logit models, the latent class approach and the agent effect approach are the most well know methods. The main contribution of this study is to extend the formulation of LC-MMNL model to capture the agent effect by including a random term in the utility function of the model. Three types of models, Mixed Multinomial Logit (MMNL), Latent Class Mixed Multinomial Logit (LC-MMNL) and Agent Effect Latent Class Mixed Multinomial Logit (AGLC-MMNL) have been generated and the results compared. Considering agent effect simultaneously with other sources of unobserved heterogeneity in a latent class context demonstrates improvement in terms of model fit as well as cross section validation. It enables us to generate a latent class model with a larger number of classes explaining more heterogeneity across the population of a neighborhood location choice study. The AGLC-MMNL model is able to detect four distinct classes of individuals in Montreal, exhibiting different behaviours while facing neighborhood location choices in the context of a Discrete Choice Experiment. The classes of the model are able to explain different behaviours of individuals based on their income level, whether they are transit or car oriented, and the importance of privacy to them.
Three Discrete Choice Random Coefficients Papers And One Police Crime Study
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Author : David Andrew Revelt
language : en
Publisher:
Release Date : 1999
Three Discrete Choice Random Coefficients Papers And One Police Crime Study written by David Andrew Revelt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Random Regret Based Discrete Choice Modeling
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Author : Caspar G. Chorus
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-04-07
Random Regret Based Discrete Choice Modeling written by Caspar G. Chorus and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-07 with Business & Economics categories.
This tutorial presents a hands-on introduction to a new discrete choice modeling approach based on the behavioral notion of regret-minimization. This so-called Random Regret Minimization-approach (RRM) forms a counterpart of the Random Utility Maximization-approach (RUM) to discrete choice modeling, which has for decades dominated the field of choice modeling and adjacent fields such as transportation, marketing and environmental economics. Being as parsimonious as conventional RUM-models and compatible with popular software packages, the RRM-approach provides an alternative and appealing account of choice behavior. Rather than providing highly technical discussions as usually encountered in scholarly journals, this tutorial aims to allow readers to explore the RRM-approach and its potential and limitations hands-on and based on a detailed discussion of examples. This tutorial is written for students, scholars and practitioners who have a basic background in choice modeling in general and RUM-modeling in particular. It has been taken care of that all concepts and results should be clear to readers that do not have an advanced knowledge of econometrics.
Applied Discrete Choice Modelling
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Author : David A. Hensher
language : en
Publisher: Taylor & Francis
Release Date : 1981
Applied Discrete Choice Modelling written by David A. Hensher and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Decision making categories.