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Estimation of discrete/continuous choice model: application of Bayesian approach using Gibbs sampling

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  • Yeonbae Kim

Abstract

The paper suggests a different model for estimating a discrete/continuous choice framework using Gibbs sampling. The basic idea of using Gibbs sampling for the multinomial probit model is extended to the case of a discrete/continuous framework. To check the applicability of this method, it was applied to estimate the parameters of a 'vehicle ownership and use' model in Seoul, Korea. Also estimated was the price elasticity of gasoline demand, calculated to be -0.7601.

Suggested Citation

  • Yeonbae Kim, 2002. "Estimation of discrete/continuous choice model: application of Bayesian approach using Gibbs sampling," Applied Economics Letters, Taylor & Francis Journals, vol. 9(5), pages 305-309.
    • Handle: RePEc:taf:apeclt:v:9:y:2002:i:5:p:305-309
    DOI: 10.1080/13504850110068116
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