Baysesian inference and model comparison for ramdom choice structures
AbstractWe complete the development of a testing ground for axioms of discrete stochastic choice. Our contribution here is to develop new posterior simulation methods for Bayesian inference, suitable for a class of prior distributions introduced by McCausland and Marley (2013). These prior distributions are joint distributions over various choice distributions over choice sets of different sizes. Since choice distributions over different choice sets can be mutually dependent, previous methods relying on conjugate prior distributions do not apply. We demonstrate by analyzing data from a previously reported experiment and report evidence for and against various axioms.
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Bibliographic InfoPaper provided by Universite de Montreal, Departement de sciences economiques in its series Cahiers de recherche with number 2013-06.
Length: 27 pages
Date of creation: 2013
Date of revision:
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Random utility; discrete choice; Bayesian inference; MCMC;
Other versions of this item:
- William J. McCausland & A.A.J. Marley, 2013. "Bayesian Inference and Model Comparison for Random Choice Structures," Cahiers de recherche 07-2013, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-03-30 (All new papers)
- NEP-DCM-2014-03-30 (Discrete Choice Models)
- NEP-ECM-2014-03-30 (Econometrics)
- NEP-ORE-2014-03-30 (Operations Research)
- NEP-UPT-2014-03-30 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Geweke, John, 1989. "Bayesian Inference in Econometric Models Using Monte Carlo Integration," Econometrica, Econometric Society, vol. 57(6), pages 1317-39, November.
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