Discrete choice with large choice sets
Modeling 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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- Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July.
- K. Sudhir, 2001. "Competitive Pricing Behavior in the Auto Market: A Structural Analysis," Marketing Science, INFORMS, vol. 20(1), pages 42-60, January.
- John M. Quigley, 1976. "Housing Demand in the Short Run: An Analysis of Polytomous Choice," NBER Chapters, in: Explorations in Economic Research, Volume 3, number 1, pages 76-102 National Bureau of Economic Research, Inc.
- Hansen, Eric R., 1987. "Industrial location choice in Sao Paulo, Brazil : A nested logit model," Regional Science and Urban Economics, Elsevier, vol. 17(1), pages 89-108, February.
- K. Sudhir, 2001. "Competitive Pricing Behavior in the US Auto Market: A Structural Analysis," Yale School of Management Working Papers ysm228, Yale School of Management.
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