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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...

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Published in:RAND Journal of Economics (Wiley-Blackwell) Vol. 45; no. 1; pp. 32 - 64
Main Authors: Davis, Peter, Schiraldi, Pasquale
Format: Article
Published: Wiley-Blackwell Spring2014
Subjects:
Consumers
Economic demand
Multilevel models
Monte Carlo method
Discrete choice models
Automobiles
Online Access:View this record in EBSCOhost