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  3. Discrete Choice Methods with Simulation
  • Cited by 1798
Publisher:
Cambridge University Press
Online publication date:
June 2012
Print publication year:
2009
Online ISBN:
9780511805271
DOI:
https://doi.org/10.1017/CBO9780511805271
Subjects:
Economics, Econometrics and Mathematical Methods
Information

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.

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