Advanced choice models

Swait, JRJD

Advanced choice models

Swait, JRJD

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Publisher:: Springer
Publication Type:: Chapter
Citation:: Valuing Environmental Amenities Using Stated Choice Studies: A Common Sense Approach to Theory and Practice, 2006, 1st, pp. 229 - 293
Issue Date:: 2006-01

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Field	Value	Language
dc.contributor.author	Swait, JRJD	en_US
dc.contributor.editor	Kanninen, B	en_US
dc.date.issued	2006-01	en_US
dc.identifier.citation	Valuing Environmental Amenities Using Stated Choice Studies: A Common Sense Approach to Theory and Practice, 2006, 1st, pp. 229 - 293	en_US
dc.identifier.uri	http://hdl.handle.net/10453/14337
dc.description.abstract	In Alberini et al. (this volume), an overview of the workhorse model (the Multinomial Logit, or MNL) for discrete choice analysis was presented from its conception to its practical use in predicting behavior and evaluating welfare impacts. Its highly nonlinear nature allows the MNL to capture a wide variety of compensatory attribute-based tradeoffs and has made this model specification a useful tool for economists, engineers and marketers. Allied to its flexibility is the fact that many general statistical analysis programs, as well as more specialized tools, straightforwardly implement estimation of the MNL model. And it doesnt hurt that the MNLs likelihood function is globally concave, implying that the output of these programs are guaranteed to be the maximum likelihood estimates (this is no small advantage in the realm we are about to enter).	en_US
dc.publisher	Springer	en_US
dc.relation.ispartof	Valuing Environmental Amenities Using Stated Choice Studies: A Common Sense Approach to Theory and Practice	en_US
dc.title	Advanced choice models	en_US
dc.type	Chapter
utslib.location	Netherlands	en_US
utslib.for	140302 Econometric and Statistical Methods	en_US
utslib.citation.edition	1st	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Strength - CENSOC - Study of Choice
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.edition	1st	en_US
pubs.place-of-publication	Netherlands	en_US

Abstract:

In Alberini et al. (this volume), an overview of the workhorse model (the Multinomial Logit, or MNL) for discrete choice analysis was presented from its conception to its practical use in predicting behavior and evaluating welfare impacts. Its highly nonlinear nature allows the MNL to capture a wide variety of compensatory attribute-based tradeoffs and has made this model specification a useful tool for economists, engineers and marketers. Allied to its flexibility is the fact that many general statistical analysis programs, as well as more specialized tools, straightforwardly implement estimation of the MNL model. And it doesnt hurt that the MNLs likelihood function is globally concave, implying that the output of these programs are guaranteed to be the maximum likelihood estimates (this is no small advantage in the realm we are about to enter).

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http://hdl.handle.net/10453/14337