Discrete choice with large choice sets
AbstractModeling product demand with discrete choice models requires specifying how all competing products rate on various attributes, which becomes difficult when the choice set is large. As a result, this paper approximates the ratings for the various product offerings with a parameterized distribution. When applied to the mixed multinomial logit model with a Gaussian parameterized distribution, this leads to an easily estimable, ‘anti-ideal point’ choice model.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 118 (2013)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/ecolet
Discrete choice; Logit; Random utility maximization;
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