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Type: cemmap Working Papers Authors: Matthew Harding and Jerry Hausman ISSN: 1753-9196
Volume, issue, pages: 30 pp.
Now published in: International Economic Review [Details]
Current methods of estimating the random coefficients logit model employ simulations of the distribution of the taste parameters through pseudo-random sequences. These methods suffer from difficulties in estimating correlations between parameters and computational limitations such as the curse of dimensionality. This paper provides a solution to these problems by approximating the integral expression of the expected choice probability using a multivariate extension of the Laplace approximation. Simulation results reveal that our method performs very well, both in terms of accuracy and computational time. This paper is a revised version of CWP01/06. Search |
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