Author: Levon Barseghyan Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper is concerned with learning decision makers' preferences using data on observed choices from a finite set of risky alternatives. We propose a discrete choice model with unobserved heterogeneity in consideration sets and in standard risk aversion. We obtain sufficient conditions for the model's semi-nonparametric point identification, including in cases where consideration depends on preferences and on some of the exogenous variables. Our method yields an estimator that is easy to compute and is applicable in markets with large choice sets. We illustrate its properties using a dataset on property insurance purchases.
Author: Kenneth Train Publisher: Cambridge University Press ISBN: 0521766559 Category : Business & Economics Languages : en Pages : 399
Book Description
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.
Author: Publisher: Elsevier ISBN: 0444637656 Category : Business & Economics Languages : en Pages : 632
Book Description
Handbook of the Economics of Marketing, Volume One: Marketing and Economics mixes empirical work in industrial organization with quantitative marketing tools, presenting tactics that help researchers tackle problems with a balance of intuition and skepticism. It offers critical perspectives on theoretical work within economics, delivering a comprehensive, critical, up-to-date, and accessible review of the field that has always been missing. This literature summary of research at the intersection of economics and marketing is written by, and for, economists, and the book's authors share a belief in analytical and integrated approaches to marketing, emphasizing data-driven, result-oriented, pragmatic strategies. Helps academic and non-academic economists understand recent, rapid changes in the economics of marketing Designed for economists already convinced of the benefits of applying economics tools to marketing Written for those who wish to become quickly acquainted with the integration of marketing and economics
Author: Matthew Kelly Thirkettle Publisher: ISBN: Category : Languages : en Pages : 185
Book Description
This dissertation is comprised of two papers. In the first paper (Chapter \ref{ch2}), I obtain informative bounds on network statistics in a partially observed network whose formation I explicitly model. Partially observed networks are commonplace due to, for example, partial sampling or incomplete responses in surveys. Network statistics (e.g., centrality measures) are not point identified when the network is partially observed. Worst-case bounds on network statistics can be obtained by letting all missing links take values zero and one. I dramatically improve on the worst-case bounds by specifying a structural model for network formation. An important feature of the model is that I allow for positive externalities in the network-formation process. The network-formation model and network statistics are set identified due to multiplicity of equilibria. I provide a computationally tractable outer approximation of the joint identified region for preferences determining network-formation processes and network statistics. In a simulation study on Katz-Bonacich centrality, I find that worst-case bounds that do not use the network formation model are $44$ times wider than the bounds I obtain from my procedure. The second paper (Chapter \ref{ch3}) is concerned about learning decision makers' (DMs) preferences using data on observed choices from a finite set of risky alternatives with monetary outcomes. This chapter is coauthored with Levon Barseghyan and Francesca Molinari. We propose a discrete choice model with unobserved heterogeneity in consideration sets (the collection of alternatives considered by DMs) and unobserved heterogeneity in standard risk aversion. In this framework, stochastic choice is driven both by different rankings of alternatives induced by unobserved heterogeneity in risk preferences and by different sets of alternatives considered. We obtain sufficient conditions for semi-nonparametric point identification of both the distribution of unobserved heterogeneity in preferences and the distribution of consideration sets. Our method yields an estimator that is easy to compute and that can be used in markets with a large number of alternatives. We apply our method to a dataset on property insurance purchases. We find that although households are on average strongly risk averse, they consider lower coverages more frequently than higher coverages. Finally, we estimate the monetary losses associated with limited consideration in our application.
Author: Mandy Ryan Publisher: Springer Science & Business Media ISBN: 1402057539 Category : Business & Economics Languages : en Pages : 265
Book Description
This work takes a fresh and contemporary look at the growing interest in the development and application of discrete choice experiments (DCEs) within the field of health economics. The book comprises chapters by highly regarded academics with experience of applying DCEs in the area of health. Thus the book is relevant to post-graduate students and applied researchers with an interest in the use of DCEs for valuing health and health care and has international appeal.
Author: Charles F. Manski Publisher: Springer Science & Business Media ISBN: 038721786X Category : Mathematics Languages : en Pages : 188
Book Description
The book presents in a rigorous and thorough manner the main elements of Charles Manski's research on partial identification of probability distributions. The approach to inference that runs throughout the book is deliberately conservative and thoroughly nonparametric. There is an enormous scope for fruitful inference using data and assumptions that partially identify population parameters.
Author: Levon Barseghyan
Author: Kenneth Train
Author: Nathaniel T. Wilcox
Author: Jose Apesteguia
Author: Ilya Molchanov
Author: David A. Hensher
Author: 
Author: Matthew Kelly Thirkettle
Author: Mandy Ryan
Author: Charles F. Manski