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Approximation of bayesian efficiency in experimental choice designs

Bliemer, M.C.J., Rose, J.M. and Hess, S. (2008) Approximation of bayesian efficiency in experimental choice designs. Journal of Choice Modelling, 1 (1). pp. 98-127. ISSN 1755-5345

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Abstract

This paper compares different types of simulated draws over a range of number of draws in generating Bayesian efficient designs for stated choice (SC) studies. The paper examines how closely pseudo Monte Carlo, quasi Monte Carlo and Gaussian quadrature methods are able to replicate the true levels of Bayesian efficiency for SC designs of various dimensions. The authors conclude that the predominantly employed method of using pseudo Monte Carlo draws is unlikely to result in leading to truly Bayesian efficient SC designs. The quasi Monte Carlo methods analysed here (Halton, Sobol, and Modified Latin Hypercube Sampling) all clearly outperform the pseudo Monte Carlo draws. However, the Gaussian quadrature method examined in this paper, incremental Gaussian quadrature, outperforms all, and is therefore the recommended approximation method for the calculation of Bayesian efficiency of SC designs.

Item Type: Article
Institution: The University of Leeds
Academic Units: The University of Leeds > Faculty of Environment (Leeds) > Institute for Transport Studies (Leeds)
Depositing User: Sherpa Assistant
Date Deposited: 01 Oct 2010 15:16
Last Modified: 01 Oct 2010 15:16
Published Version: http://www.jocm.org.uk/index.php/JOCM/article/view...
Status: Published
URI: http://eprints.whiterose.ac.uk/id/eprint/9306

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