Author: David Alan HensherPublisher:
ISBN: 9780867583946
Category : Decision-making
Languages : en
Pages : 17
Book Description
Efficient Estimation of Hierarchical Logit Discrete Choice Models
Author: David Alan HensherPublisher:
ISBN: 9780867583946
Category : Decision-making
Languages : en
Pages : 17
Book Description
Efficient Estimation of Discrete-choice Models from Choice-based Samples
Author: Stephen Rhys CosslettPublisher:
ISBN:
Category : Choice of transportation
Languages : en
Pages : 498
Book Description
Efficient Estimation of Nested Logit Models
Author: David M. BrownstonePublisher:
ISBN:
Category : Logits
Languages : en
Pages : 34
Book Description
Discrete 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.
EFFICIENT ESTIMATION OF NESTED LOGIT MODELS- AN APPLICATION TO TRIP TIMING /NL/
Author: Kenneth A. SMALLDiscrete Choice Models with Different Levels of Utility Uncertainty
Author: Ruxian WangPublisher:
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.
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
Efficient Estimation of nested logit models: An application to trip timing
Author: Kenneth A. SmallApplied Discrete-choice Modelling
Author: David A. HensherPublisher: Taylor & Francis
ISBN: 9780470270783
Category : Decision making
Languages : en
Pages : 468
Book Description
Improving the Efficiency of Individualized Designs for the Mixed Logit Choice Model by Including Covariates
Author: Marjolein CrabbePublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Recent research shows that the inclusion of choice related demo- and sociographics in discrete choice models aids in modeling the choice behavior of consumers substantially. However, the increase in efficiency gained by accounting for covariates in the design of a choice experiment has thus far only been demonstrated for the conditional logit model. Previous findings are extended by using covariates in the construction of individualized Bayesian D-efficient designs for the mixed logit choice model. A simulation study illustrates how incorporating covariates affecting choice behavior yields more efficient designs and more accurate estimates and predictions at the individual level. Moreover, it is shown that the possible loss in design efficiency and therefore in estimation and prediction accuracy from including choice unrelated respondent characteristics is negligible.