Young, Gary; Valdez, Emiliano A.; Kohn, Robert - In: Insurance: Mathematics and Economics 44 (2009) 2, pp. 214-228
claim-type component, and proposed the multinomial logit model to empirically estimate this component. However, it is well …, the multinomial logit model produces substantially different predictions relative to the true predictions; and second …, through a simulation analysis, we find that even in ideal conditions under which the outcomes are independent, multinomial …