Discrete Choice Methods with Simulation

Kenneth E. Train

ISBN 10: 0521747384 / ISBN 13: 9780521747387

Published by Cambridge University Press, 2009

About this Item

2nd edition. 400 pages. 8.90x5.90x1.00 inches. In Stock. Seller Inventory # x-0521747384

Bibliographic Details

Title: Discrete Choice Methods with Simulation

Publisher: Cambridge University Press

Publication Date: 2009

Binding: Paperback

Condition: Brand New

Edition: 2nd Edition

About this title

Synopsis:

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.

Book Description:

This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. 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.