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Estimating Mixed Logit Recreation Demand Models With Large Choice Sets AgEcon
Domanski, Adam.
Discrete choice models are widely used in studies of recreation demand. They have proven valuable when modeling situations where decision makers face large choice sets and site substitution is important. However, when the choice set faced by the individual becomes very large (on the order of hundreds or thousands of alternatives), computational limitations make estimation with the full choice set intractable. Sampling of alternatives in a conditional logit framework is an effective method to limit computational burdens while still producing consistent estimates. This method is allowed by the existence of the independence of irrelevant alternatives (IIA) assumption. More advanced mixed logit models account for unobserved preference heterogeneity and...
Tipo: Conference Paper or Presentation Palavras-chave: Sampling of alternatives; Discrete choice; Mixed logit; Conditional logit; Recreational demand; Wisconsin; Fishing; Microeconometrics; Environmental Economics and Policy; Research Methods/ Statistical Methods.
Ano: 2009 URL: http://purl.umn.edu/49413
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