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Fitting mixed logit random regret minimization models using maximum simulated likelihood

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  • Ziyue Zhu
  • 'Alvaro A. Guti'errez-Vargas
  • Martina Vandebroek

Abstract

This article describes the mixrandregret command, which extends the randregret command introduced in Guti\'errez-Vargas et al. (2021, The Stata Journal 21: 626-658) incorporating random coefficients for Random Regret Minimization models. The newly developed command mixrandregret allows the inclusion of random coefficients in the regret function of the classical RRM model introduced in Chorus (2010, European Journal of Transport and Infrastructure Research 10: 181-196). The command allows the user to specify a combination of fixed and random coefficients. In addition, the user can specify normal and log-normal distributions for the random coefficients using the commands' options. The models are fitted using simulated maximum likelihood using numerical integration to approximate the choice probabilities.

Suggested Citation

  • Ziyue Zhu & 'Alvaro A. Guti'errez-Vargas & Martina Vandebroek, 2023. "Fitting mixed logit random regret minimization models using maximum simulated likelihood," Papers 2301.01091, arXiv.org.
    • Handle: RePEc:arx:papers:2301.01091
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    References listed on IDEAS

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    1. Álvaro A. Gutiérrez-Vargas & Michel Meulders & Martina Vandebroek, 2021. "randregret: A command for fitting random regret minimization models using Stata," Stata Journal, StataCorp LP, vol. 21(3), pages 626-658, September.
    2. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
    3. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
    4. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521766555.
    5. Arne Risa Hole, 2007. "Fitting mixed logit models by using maximum simulated likelihood," Stata Journal, StataCorp LP, vol. 7(3), pages 388-401, September.
    6. Chorus, Caspar G. & Arentze, Theo A. & Timmermans, Harry J.P., 2008. "A Random Regret-Minimization model of travel choice," Transportation Research Part B: Methodological, Elsevier, vol. 42(1), pages 1-18, January.
    7. van Cranenburgh, Sander & Guevara, Cristian Angelo & Chorus, Caspar G., 2015. "New insights on random regret minimization models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 74(C), pages 91-109.
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