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A Comparison of Methods for Representing Random Taste Heterogeneity in Discrete Choice Models

Fosgerau, M and Hess, S (2009) A Comparison of Methods for Representing Random Taste Heterogeneity in Discrete Choice Models. European Transport - Trasporti Europei, 42. 1 - 25 . ISSN 1825-3997

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Abstract

This paper reports the findings of a systematic study using Monte Carlo experiments and a real dataset aimed at comparing the performance of various ways of specifying random taste heterogeneity in a discrete choice model. Specifically, the analysis compares the performance of two recent advanced approaches against a background of four commonly used continuous distribution functions. The first of these two approaches improves on the flexibility of a base distribution by adding in a series approximation using Legendre polynomials. The second approach uses a discrete mixture of multiple continuous distributions. Both approaches allow the researcher to increase the number of parameters as desired. The paper provides a range of evidence on the ability of the various approaches to recover various distributions from data. The two advanced approaches are comparable in terms of the likelihoods achieved, but each has its own advantages and disadvantages.

Item Type: Article
Copyright, Publisher and Additional Information: © 2009, Institute for the Study of Transport within the European Economic Integration. Reproduced with permission from the publisher.
Institution: The University of Leeds
Academic Units: The University of Leeds > Faculty of Environment (Leeds) > Institute for Transport Studies (Leeds)
Depositing User: Symplectic Publications
Date Deposited: 14 Mar 2012 11:58
Last Modified: 25 Jul 2014 17:35
Published Version: http://www.istiee.org/te/
Status: Published
Publisher: Institute for the Study of Transport within the European Economic Integration
URI: http://eprints.whiterose.ac.uk/id/eprint/43631

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