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Abstract Details
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Activity Number:
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41
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Type:
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Contributed
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Date/Time:
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Sunday, July 31, 2011 : 2:00 PM to 3:50 PM
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Sponsor:
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Section on Statistics and Marketing
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| Abstract - #301089 |
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Title:
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Analysis of Discrete Choice Models with Latent Variable in Unobserved Component of Utility
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Author(s):
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Woosuk Kim*+ and Seongho Song and Young-Suk Cho
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Companies:
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Miami University and University of Cincinnati and Pusan National University
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Address:
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, , ,
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Keywords:
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Bayesian
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Abstract:
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Different discrete choice models are derived under various specifications of the density of unobserved factor. We develop a discrete choice model under the assumption that the unobserved factors follow the multivariate skew normal distribution. Under the assumptions, we compute the choice probability of each category in the model. Because it is difficult to get a closed-form choice probability, we consider the Bayesian estimation using MCMC. Moreover, under the model assumptions, we explore whether or not the model can handle random taste variation, allows any pattern of substitution, and is applicable to panel data with temporally correlated errors.
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