The flexible coefficient multinomial logit (FC-MNL) model of demand for differentiated products.
We show FC-MNL is flexible in the sense of Diewert (), thus its parameters can be chosen to match a well-defined class of possible own- and cross-price elasticities of demand. In contrast to models such as Probit and Random Coefficient-MNL models, FC-MNL does not require estimation via simulation; i...
| Publicado en: | RAND Journal of Economics (Wiley-Blackwell) Vol. 45; no. 1; pp. 32 - 64 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Spring2014
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=95094658&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 95094658 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 07416261 56RJ jtl: RAND Journal of Economics (Wiley-Blackwell) issn: 07416261 maglogo: Y pubinfo: dt: Spring2014 vid: 45 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 95094658 10.1111/1756-2171.12041 ppf: 32 ppct: 32 formats: fmt: – @attributes: type: T – @attributes: type: P size: 364KB tig: atl: The flexible coefficient multinomial logit (FC-MNL) model of demand for differentiated products. aug: au: Davis, Peter Schiraldi, Pasquale affil: Compass Lexecon and University College London Faculty of Laws London School of Economics and Political Science & CEPR su: Consumers Economic demand Multilevel models Monte Carlo method Discrete choice models Automobiles sug: subj: Consumers Economic demand Automobile and Other Motor Vehicle Merchant Wholesalers New Car Dealers New and used automobile and light-duty truck merchant wholesalers Automotive Body, Paint, and Interior Repair and Maintenance All Other Automotive Repair and Maintenance Automobile Manufacturing Automobile and light-duty motor vehicle manufacturing Multilevel models Monte Carlo method Discrete choice models Automobiles ab: We show FC-MNL is flexible in the sense of Diewert (), thus its parameters can be chosen to match a well-defined class of possible own- and cross-price elasticities of demand. In contrast to models such as Probit and Random Coefficient-MNL models, FC-MNL does not require estimation via simulation; it is fully analytic. Under well-defined and testable parameter restrictions, FC-MNL is shown to be an unexplored member of McFadden's class of Multivariate Extreme Value discrete-choice models. Therefore, FC-MNL is fully consistent with an underlying structural model of heterogeneous, utility-maximizing consumers. We provide a Monte-Carlo study to establish its properties and we illustrate its use by estimating the demand for new automobiles in Italy. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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