Author: Nathaniel T. WilcoxPublisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Error and Generalization in Discrete Choice Under Risk
Author: Nathaniel T. WilcoxModels of Risk Preferences
Author: Glenn W. HarrisonPublisher: Emerald Group Publishing
ISBN: 1837972680
Category : Business & Economics
Languages : en
Pages : 265
Book Description
Models of Risk Preferences collects studies that critically review alternatives to Expected Utility Theory from the perspective of experimental economics.
On Discrete Choice Under Uncertainty
Author: Jan RouwendalDiscrete Choice Methods with Simulation
Author: Kenneth TrainPublisher: 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.
Extended Discrete Choice Models
Author: Joan Leslie WalkerPublisher:
ISBN:
Category : Choice (Psychology)
Languages : en
Pages : 418
Book Description
Discrete Choice Methods with Simulation
Author: Kenneth E. TrainPublisher: Cambridge University Press
ISBN: 1139480375
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. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. This 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.
Discrete Choice Methods with Simulation
Author: Kenneth TrainPublisher: Cambridge University Press
ISBN: 9780521017152
Category : Business & Economics
Languages : en
Pages : 346
Book Description
Table of contents
˜Theœ Dual Theory of Choice Under Risk Versus Expected Utility Theory
Author: Sven von WidekindDiscrete Choice Under Risk with Limited Consideration
Author: Levon BarseghyanPublisher:
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.
Random Regret-based Discrete Choice Modeling
Author: Caspar G. ChorusPublisher: Springer Science & Business Media
ISBN: 3642291503
Category : Business & Economics
Languages : en
Pages : 60
Book Description
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.