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Discrete Choice Methods with Simulation
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In this paper, the authors describe the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation, and compare simulation-assisted estimation procedures, including maximum simulated likelihood, method of simulated moments, and methods of simulated scores.Abstract:
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 simulated 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. No other book incorporates all these fields, which have arisen in the past 20 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.read more
Citations
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Why Do Public Firms Issue Private and Public Securities
TL;DR: The authors examined public firms' issues of private and public debt, convertibles, and common equity securities and found that asymmetric information plays a major role in the choice of security type within public and private markets.
Journal ArticleDOI
Combining ecological and recreational aspects in national park management: A choice experiment application
Artti Juutinen,Artti Juutinen,Yohei Mitani,Erkki Mäntymaa,Yasushi Shoji,Pirkko Siikamäki,Rauli Svento +6 more
TL;DR: In this article, the authors examine which kind of development profiles are worth considering and which paths not to follow in national park management, and show that increasing the number of visitors, expanding present resting places, constructing new resting places and an intense increase in information boards, especially if combined with shrinking biodiversity, are welfare reducing managerial actions in national parks.
Proceedings Article
What's the right price? pricing tasks for finishing on time
TL;DR: It is argued that a pricing policy can be based on the trade-off between price and desired completion time and it is shown how this duality can lead to a better pricing policy for tasks in online labor markets.
Journal ArticleDOI
Calculation of multivariate normal probabilities by simulation, with applications to maximum simulated likelihood estimation
TL;DR: Methods for calculating multivariate normal probabilities by simulation and two new Stata programs for this purpose are discussed: mdraws for deriving draws from the standard uniform density using either Halton or pseudorandom sequences and an egen function, mvnp(), for calculating the probabilities themselves.
Journal ArticleDOI
Who will be smart home users? An analysis of adoption and diffusion of smart homes
Jungwoo Shin,Yuri Park,Daeho Lee +2 more
TL;DR: In this article, the authors suggest implications for promoting the smart home market by analyzing factors affecting adoption and diffusion of smart homes and suggest a strategy for promoting smart home purchases by young consumers is required to increase market demand.
References
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Maximum likelihood from incomplete data via the EM algorithm
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Estimating the Dimension of a Model
TL;DR: In this paper, the problem of selecting one of a number of models of different dimensions is treated by finding its Bayes solution, and evaluating the leading terms of its asymptotic expansion.
Estimating the dimension of a model
TL;DR: In this paper, the problem of selecting one of a number of models of different dimensions is treated by finding its Bayes solution, and evaluating the leading terms of its asymptotic expansion.
Journal ArticleDOI
Equation of state calculations by fast computing machines
TL;DR: In this article, a modified Monte Carlo integration over configuration space is used to investigate the properties of a two-dimensional rigid-sphere system with a set of interacting individual molecules, and the results are compared to free volume equations of state and a four-term virial coefficient expansion.
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Sample Selection Bias as a Specification Error
TL;DR: In this article, the bias that results from using non-randomly selected samples to estimate behavioral relationships as an ordinary specification error or "omitted variables" bias is discussed, and the asymptotic distribution of the estimator is derived.