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Author: David A. Hensher Publisher: Routledge ISBN: 9780815350231 Category : Decision making Languages : en Pages : 480
Book Description
Originally published in 1981. Discrete-choice modelling is an area of econometrics where significant advances have been made at the research level. This book presents an overview of these advances, explaining the theory underlying the model, and explores its various applications. It shows how operational choice models can be used, and how they are particularly useful for a better understanding of consumer demand theory. It discusses particular problems connected with the model and its use, and reports on the authors' own empirical research. This is a comprehensive survey of research developments in discrete choice modelling and its applications.
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: David A. Hensher Publisher: Routledge ISBN: 1351140744 Category : Business & Economics Languages : en Pages : 280
Book Description
Originally published in 1981. Discrete-choice modelling is an area of econometrics where significant advances have been made at the research level. This book presents an overview of these advances, explaining the theory underlying the model, and explores its various applications. It shows how operational choice models can be used, and how they are particularly useful for a better understanding of consumer demand theory. It discusses particular problems connected with the model and its use, and reports on the authors’ own empirical research. This is a comprehensive survey of research developments in discrete choice modelling and its applications.
Author: D. Pollard Publisher: David Pollard ISBN: 0387909907 Category : Mathematics Languages : en Pages : 223
Book Description
Functionals on stochastic processes; Uniform convergence of empirical measures; Convergence in distribution in euclidean spaces; Convergence in distribution in metric spaces; The uniform metric on space of cadlag functions; The skorohod metric on D [0, oo); Central limit teorems; Martingales.
Author: Stephane Hess Publisher: Emerald Group Publishing ISBN: 1849507724 Category : Transportation Languages : en Pages : 639
Book Description
Contains a selection of the best theoretical and applied papers from the inaugural International Choice Modelling Conference. The conference was organised by the Institute for Transport Studies at the University of Leeds and held in Harrogate, North Yorkshire on 30 March to 1 April 2009.
Author: Axel Börsch-Supan Publisher: Springer Science & Business Media ISBN: 3642456332 Category : Business & Economics Languages : en Pages : 223
Book Description
This book is a treatise on empirical microeconomics: it describes the econometric theory of qualitative choice models and the empirical practice of modeling consumer demand for a heterogeneous commodity, housing. Accordingly, the book has two parts. The first part gives a self-contained survey of discrete choice models with emphasis on nested and related multinomial logit models. The second part concentrates on three sUbstantive questions about housing demand and how they can be answered using discrete choice models. Why combine these two distinct parts in one book? It is the interaction between theory and application in empirical microeconomics on which we focus in this book. Hence, emphasis in the methodological part is on practicability, and emphasis in the applied part is on the usage of the proper econometric specifications. Econometrics means measuring economic phenomena. Because nature (ironically, in the case of economics, this is most often the government) rarely provides us with well-defined economic experiments, measurement of economic phenomena usually requires an elaborate statistical apparatus that is able to separate concurrent and confounding phenomena. Discrete choice models have proved to be a very convenient apparatus to study the complex issues in housing demand. We present models, techniques, and statistical problems of discrete choice in the first and methodological part of the book, written in conventional textbook style.
Author: Ruxian Wang Publisher: ISBN: Category : Languages : en Pages : 36
Book Description
In this paper, we relax the restriction on the identical distribution for the random utility parts under discrete choice models. The derived new choice model can allow more flexible substitution pattern, and has the potential to describe choice behavior more accurately. If an alternative's nominal utility is relatively high, its choice probability is higher when an individual uses its mean of utility in her choice process, whereas the choice probabilities for other alternatives are lower. We show that in the pricing problem the optimal prices are product-invariant for products with the same levels of utility uncertainty and use this result to simplify the multi-product pricing problem. We also characterize the oligopolistic problems for competition in price and choice probability respectively, and provide efficient algorithms to compute the Nash equilibrium. The assortment problem is generally NP-hard, so we develop a fully polynomial-time approximation scheme that can find an arbitrarily near-optimal solution in a timely manner. Surprisingly, if the utility of a product of the focal firm rather than the outside option is deterministic, the revenue-ordered assortment is optimal for the assortment problem. To implement the newly proposed choice model with different levels of utility uncertainty, we develop an efficient estimation algorithm with estimated product attractiveness in closed form. Several extensions are also considered, including relaxing the restriction under the multi-stage nested logit model.
Author: David A. Hensher
Author: Stephen Rhys Cosslett
Author: Kenneth Train
Author: David Alan Hensher
Author: David A. Hensher
Author: Guido W. Imbens
Author: D. Pollard
Author: Stephane Hess
Author: Axel Börsch-Supan
Author: Ruxian Wang
Author: Steven R. Lerman