作者
Kenneth Train, Garrett Sonnier
发表日期
2005
期刊
Applications of simulation methods in environmental and resource economics
页码范围
117-134
出版商
Springer Netherlands
简介
The use of a joint normal distribution for partworths is computationally attractive, particularly with Bayesian MCMC procedures, and yet is unrealistic for any attribute whose partworth is logically bounded (e.g., is necessarily positive or cannot be unboundedly large). A mixed logit is specified with partworths that are transformations of normally distributed terms, where the transformation induces bounds; examples include censored normals, log-normals, and S B distributions which are bounded on both sides. The model retains the computational advantages of joint normals while providing greater flexibility for the distributions of correlated partworths. The method is applied to data on customers’ choice among vehicles in stated choice experiments. The flexibility that the transformations allow is found to greatly improve the model, both in terms of fit and plausibility, without appreciably increasing …
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K Train, G Sonnier - Applications of simulation methods in environmental …, 2005