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Lower-order logsums

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Author Info

  • André De Palma

    ()
    (ENS Cachan - Ecole Normale Supérieure de Cachan - École normale supérieure de Cachan - ENS Cachan)

  • Karim Kilani

    ()
    (LIRSA, Conservatoire National des Arts et Métiers - Conservatoire National des Arts et Métiers (CNAM))

Abstract

The logsum formula, which provides the expected maximum utility for the multinomial logit model, is often used as a measure of welfare. We provide here a closed form formula of the welfare measure of an individual who has not access to his first-best choice, but has access to his rth-best choice, r = 2, ...n, where n is the number of alternatives. The derivation is based on a standard identity in order statistics.

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File URL: http://hal.archives-ouvertes.fr/docs/00/69/02/99/PDF/lower-order_logsums_final.pdf
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Bibliographic Info

Paper provided by HAL in its series Working Papers with number hal-00690299.

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Date of creation: 23 Apr 2012
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Handle: RePEc:hal:wpaper:hal-00690299

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00690299
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Related research

Keywords: Discrete choice models; Gumbel distribution; Logit; Logsum; Order statistics;

This paper has been announced in the following NEP Reports:

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  1. A.de Palma & K. Kilani, 2003. "Invariance of Conditional Maximum Utility," THEMA Working Papers 2003-04, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  2. de Palma, Andre & Picard, Nathalie & Waddell, Paul, 2007. "Discrete choice models with capacity constraints: An empirical analysis of the housing market of the greater Paris region," Journal of Urban Economics, Elsevier, vol. 62(2), pages 204-230, September.
  3. de Jong, Gerard & Daly, Andrew & Pieters, Marits & van der Hoorn, Toon, 2007. "The logsum as an evaluation measure: Review of the literature and new results," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(9), pages 874-889, November.
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