A Method To Estimate Discrete Choice Models That Is Robust To Consumer Search

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A Method to Estimate Discrete Choice Models that is Robust to Consumer Search

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Author : Jason Abaluck
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (118 download)

Book Synopsis A Method to Estimate Discrete Choice Models that is Robust to Consumer Search by : Jason Abaluck

Download or read book A Method to Estimate Discrete Choice Models that is Robust to Consumer Search written by Jason Abaluck and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We state a sufficient condition under which choice data alone suffices to identify consumer preferences when choices are not fully informed. Suppose that: (i) the data generating process is a search model in which the attribute hidden to consumers is observed by the econometrician; (ii) if a consumer searches good j, she also searches goods which are better than j in terms of the non-hidden component of utility; and (iii) consumers choose the good that maximizes overall utility among searched goods. Canonical models will be biased: the value of the hidden attribute will be understated because consumers will be unresponsive to variation in the attribute for goods that they do not search. Under the conditions above and additional mild restrictions, an alternative method of recovering preferences using cross derivatives of choice probabilities succeeds regardless of the search protocol and is thus robust to whether consumers are informed. The approach nests several standard models, including full information. Our methods suggest natural tests for full information and can be used to forecast how consumers will respond to additional information. We verify in a lab experiment that our approach succeeds in recovering preferences when consumers engage in costly search.

Discrete Choice Methods with Simulation

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Author : Kenneth Train
Publisher : Cambridge University Press
ISBN 13 : 0521766559
Total Pages : 399 pages
Book Rating : 4.5/5 (217 download)

Book Synopsis Discrete Choice Methods with Simulation by : Kenneth Train

Download or read book Discrete Choice Methods with Simulation written by Kenneth Train and published by Cambridge University Press. This book was released on 2009-07-06 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Applied Discrete-Choice Modelling

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Author : David A. Hensher
Publisher : Routledge
ISBN 13 : 1351140744
Total Pages : 280 pages
Book Rating : 4.3/5 (511 download)

Book Synopsis Applied Discrete-Choice Modelling by : David A. Hensher

Download or read book Applied Discrete-Choice Modelling written by David A. Hensher and published by Routledge. This book was released on 2018-04-09 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Discrete Choice Methods with Simulation

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Author : Kenneth Train
Publisher : Cambridge University Press
ISBN 13 : 9780521017152
Total Pages : 346 pages
Book Rating : 4.0/5 (171 download)

Book Synopsis Discrete Choice Methods with Simulation by : Kenneth Train

Download or read book Discrete Choice Methods with Simulation written by Kenneth Train and published by Cambridge University Press. This book was released on 2003-01-13 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents

Handbook of Choice Modelling

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Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1781003157
Total Pages : 721 pages
Book Rating : 4.7/5 (81 download)

Book Synopsis Handbook of Choice Modelling by : Stephane Hess

Download or read book Handbook of Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2014-08-29 with total page 721 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Choice Modelling, composed of contributions from senior figures in the field, summarizes the essential analytical techniques and discusses the key current research issues. The book opens with Nobel Laureate Daniel McFadden calling for d

Statistics for Marketing and Consumer Research

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Author : Mario Mazzocchi
Publisher : SAGE
ISBN 13 : 1446204014
Total Pages : 433 pages
Book Rating : 4.4/5 (462 download)

Book Synopsis Statistics for Marketing and Consumer Research by : Mario Mazzocchi

Download or read book Statistics for Marketing and Consumer Research written by Mario Mazzocchi and published by SAGE. This book was released on 2008-05-22 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Balancing simplicity with technical rigour, this practical guide to the statistical techniques essential to research in marketing and related fields, describes each method as well as showing how they are applied. The book is accompanied by two real data sets to replicate examples and with exercises to solve, as well as detailed guidance on the use of appropriate software including: - 750 powerpoint slides with lecture notes and step-by-step guides to run analyses in SPSS (also includes screenshots) - 136 multiple choice questions for tests This is augmented by in-depth discussion of topics including: - Sampling - Data management and statistical packages - Hypothesis testing - Cluster analysis - Structural equation modelling

The Oxford Handbook of Panel Data

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Author : Badi Hani Baltagi
Publisher :
ISBN 13 : 0199940045
Total Pages : 705 pages
Book Rating : 4.1/5 (999 download)

Book Synopsis The Oxford Handbook of Panel Data by : Badi Hani Baltagi

Download or read book The Oxford Handbook of Panel Data written by Badi Hani Baltagi and published by . This book was released on 2015 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Panel Data examines new developments in the theory and applications of panel data. It includes basic topics like non-stationary panels, co-integration in panels, multifactor panel models, panel unit roots, measurement error in panels, incidental parameters and dynamic panels, spatial panels, nonparametric panel data, random coefficients, treatment effects, sample selection, count panel data, limited dependent variable panel models, unbalanced panel models with interactive effects and influential observations in panel data. Contributors to the Handbook explore applications of panel data to a wide range of topics in economics, including health, labor, marketing, trade, productivity, and macro applications in panels. This Handbook is an informative and comprehensive guide for both those who are relatively new to the field and for those wishing to extend their knowledge to the frontier. It is a trusted and definitive source on panel data, having been edited by Professor Badi Baltagi-widely recognized as one of the foremost econometricians in the area of panel data econometrics. Professor Baltagi has successfully recruited an all-star cast of experts for each of the well-chosen topics in the Handbook.

Interpreting Discrete Choice Models

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Author : Garrett Glasgow
Publisher : Cambridge University Press
ISBN 13 : 1108877184
Total Pages : 131 pages
Book Rating : 4.1/5 (88 download)

Book Synopsis Interpreting Discrete Choice Models by : Garrett Glasgow

Download or read book Interpreting Discrete Choice Models written by Garrett Glasgow and published by Cambridge University Press. This book was released on 2022-05-12 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: In discrete choice models the relationships between the independent variables and the choice probabilities are nonlinear, depending on both the value of the particular independent variable being interpreted and the values of the other independent variables. Thus, interpreting the magnitude of the effects (the “substantive effects”) of the independent variables on choice behavior requires the use of additional interpretative techniques. Three common techniques for interpretation are described here: first differences, marginal effects and elasticities, and odds ratios. Concepts related to these techniques are also discussed, as well as methods to account for estimation uncertainty. Interpretation of binary logits, ordered logits, multinomial and conditional logits, and mixed discrete choice models such as mixed multinomial logits and random effects logits for panel data are covered in detail. The techniques discussed here are general, and can be applied to other models with discrete dependent variables which are not specifically described here.

Estimation of Dynamic Discrete Choice Models by Maximum Likelihood and the Simulated Method of Moments

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Author : Phillipp Eisenhauer
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (894 download)

Book Synopsis Estimation of Dynamic Discrete Choice Models by Maximum Likelihood and the Simulated Method of Moments by : Phillipp Eisenhauer

Download or read book Estimation of Dynamic Discrete Choice Models by Maximum Likelihood and the Simulated Method of Moments written by Phillipp Eisenhauer and published by . This book was released on 2014 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the performance of maximum likelihood (ML) and simulated method of moments (SMM) estimation for dynamic discrete choice models. We construct and estimate a simplified dynamic structural model of education that captures some basic features of educational choices in the United States in the 1980s and early 1990s. We use estimates from our model to simulate a synthetic dataset and assess the ability of ML and SMM to recover the model parameters on this sample. We investigate the performance of alternative tuning parameters for SMM.

Handbook of Choice Modelling

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Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1800375638
Total Pages : 797 pages
Book Rating : 4.8/5 (3 download)

Book Synopsis Handbook of Choice Modelling by : Stephane Hess

Download or read book Handbook of Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2024-06-05 with total page 797 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thoroughly revised second edition Handbook provides an authoritative and in-depth overview of choice modelling, covering essential topics range from data collection through model specification and estimation to analysis and use of results. It aptly emphasises the broad relevance of choice modelling when applied to a multitude of fields, including but not limited to transport, marketing, health and environmental economics.

Random Regret-based Discrete Choice Modeling

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Author : Caspar G. Chorus
Publisher : Springer Science & Business Media
ISBN 13 : 3642291503
Total Pages : 60 pages
Book Rating : 4.6/5 (422 download)

Book Synopsis Random Regret-based Discrete Choice Modeling by : Caspar G. Chorus

Download or read book Random Regret-based Discrete Choice Modeling written by Caspar G. Chorus and published by Springer Science & Business Media. This book was released on 2012-04-07 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Choice Modelling

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Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1781007276
Total Pages : 322 pages
Book Rating : 4.7/5 (81 download)

Book Synopsis Choice Modelling by : Stephane Hess

Download or read book Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This collection of papers, by leading researchers in the field, provides an excellent view of the current state of research and applications. Exciting new techniques are presented, and realistic solutions are offered to issues that arise in applied work. It is an admirably rich volume, offering valuable insights for all readers of choice modeling.' Kenneth Train, University of California, Berkeley and NERA Economic Consulting, Inc., San Francisco, California, US 'I'm an enthusiastic fan of the ICMC, where researchers are friendly, genuinely interested in learning from and helping one another. There is much to learn because each discipline brings a different perspective to the field and to theoretical and applied problems in decision-making and choice behavior. The ICMC embodies the philosophy that most real choice problems are complex and require a cross-disciplinary approach. The papers in this volume represent an eclectic cross-section of the topics covered by key researchers in the field. I look forward to getting our PhD students and postdocs stuck into them.' Jordan Louviere, University of Technology Sydney, Australia Choice modelling has been one of the most active fields in economics over recent years. This valuable new book contains leading contributions from academics and practitioners from across the different areas of study where choice modelling is a key analytical technique, drawn from a recent international conference. Choice models explain the behaviour of individuals by quantifying their values, responses and perceptions of attributes describing the various options (alternatives) available to them. Policy makers and planners have long since recognised the potential of using choice models for guidance purposes, with applications in fields as diverse as transport analysis, healthcare, telecommunications, public service evaluation and energy. The unique mix of theoretical and applied chapters will appeal to academics, students, researchers and practitioners in various fields, as well as anyone with a general interest in the subject.

Stated Choice Methods

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Author : Jordan J. Louviere
Publisher : Cambridge University Press
ISBN 13 : 9780521788304
Total Pages : 436 pages
Book Rating : 4.7/5 (883 download)

Book Synopsis Stated Choice Methods by : Jordan J. Louviere

Download or read book Stated Choice Methods written by Jordan J. Louviere and published by Cambridge University Press. This book was released on 2000-09-28 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multidisciplinary graduate and practitioner guide, first published in 2000, which offers the theory and application of stated choice methods.

Estimation and Interpretation of Discrete Choice Models

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Author : Jiahui Ying
Publisher :
ISBN 13 :
Total Pages : 286 pages
Book Rating : 4.:/5 (112 download)

Book Synopsis Estimation and Interpretation of Discrete Choice Models by : Jiahui Ying

Download or read book Estimation and Interpretation of Discrete Choice Models written by Jiahui Ying and published by . This book was released on 2019 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: The discrete choice model is a powerful method that can quantify consumer preferences for both non-market and market goods. In either stated preference surveys with choice experiments or revealed preference data like the retail-level transaction records, discrete outcomes are in the form of multivariate correlated variables. From the view of multivariate probability distributions, this dissertation investigates several methods that improve the estimation and interpretation of discrete choice models. First, for the mixed logit model, Gauss-Hermite integration is found to be a powerful alternative to maximum simulated likelihood when the number of random parameters is moderate($leq$6). It avoids simulation bias and simulation noise and only incurs controllable approximation error. Further, the Bayesian approach and the block delete jackknife are tested to outperform the Delta method in describing the distribution of mean Willingness to Pay in the mixed logit model. The virtues of a normally distributed cost coefficient is also validated with both empirical and synthetic data set. Finally, in the sense of aggregating discrete choices outcomes in a real market, a utility-consistent count system is developed as a tool to analyze consumer brand choices.

Panel Data Discrete Choice Models of Consumer Demand

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Author : Michael P. Keane
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

Book Synopsis Panel Data Discrete Choice Models of Consumer Demand by : Michael P. Keane

Download or read book Panel Data Discrete Choice Models of Consumer Demand written by Michael P. Keane and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Nonparametric Discrete Choice Models With Unobserved Heterogeneity

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Author : Richard Briesch
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

Book Synopsis Nonparametric Discrete Choice Models With Unobserved Heterogeneity by : Richard Briesch

Download or read book Nonparametric Discrete Choice Models With Unobserved Heterogeneity written by Richard Briesch and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this research, we provide a new method to estimate discrete choice models with unobserved heterogeneity that can be used with either cross-sectional or panel data. The method imposes nonparametric assumptions on the systematic subutility functions and on the distributions of the unobservable random vectors and the heterogeneity parameter. The estimators are computationally feasible and strongly consistent. We provide an empirical application of the estimator to a model of store format choice. The key insights from the empirical application are: 1) consumer response to cost and distance contains interactions and non-linear effects which implies that a model without these effects tends to bias the estimated elasticities and heterogeneity distribution and 2) the increase in likelihood for adding non-linearities is similar to the increase in likelihood for adding heterogeneity, and this increase persists as heterogeneity is included in the model.

Discrete/continuous Choice Models and Consumer Heterogeneity

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Author : Felipe Antonio Vásquez Lavín
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.:/5 (35 download)

Book Synopsis Discrete/continuous Choice Models and Consumer Heterogeneity by : Felipe Antonio Vásquez Lavín

Download or read book Discrete/continuous Choice Models and Consumer Heterogeneity written by Felipe Antonio Vásquez Lavín and published by . This book was released on 2007 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: