Estimation of multinomial probit-kernel integrated choice and latent variable model: comparison on one sequential and two simultaneous approaches

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• 作者：Xuemei Fu ; Zhicai Juan
• 关键词：ICLV model ; MACML ; MSL ; Sequential approach ; Simultaneous approach
• 刊名：Transportation
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：44
• 期：1
• 页码：91-116
• 全文大小：
• 刊物类别：Business and Economics
• 刊物主题：Regional/Spatial Science; Economic Geography; Engineering Economics, Organization, Logistics, Marketing; Innovation/Technology Management;
• 出版者：Springer US
• ISSN：1572-9435
• 卷排序：44

文摘

Integrated choice and latent variable (ICLV) model incorporates latent factors into standard discrete choice model with aim to provide greater explanatory power. Using simulated datasets, this study makes a comparison among three estimation approaches corresponding to the sequential approach and two simultaneous approaches including the maximum simulated likelihood with GHK estimator and maximum approximate composite marginal likelihood (MACML) approach, to evaluate their abilities to recover the underlying parameters of multinomial probit-kernel ICLV model. The results show that both simultaneous approaches outperform the sequential approach in terms of estimates accuracy and efficiency irrespective of the sample sizes, and the MACML approach is the most preferable due to its best performance on recovering true values of parameters with relatively small standard errors, especially when the sample size is large enough.