We derive an expression for the critical stock price for the American put. We start by expressing the put price as an integral involving first-passage probabilities. This approach yields intuition for Merton's result for the perpetual put. We then consider the finite-lived case. Using (1) the...

The vehicle choice model developed here is one component in a mlcro-slmulatlon demand forecasting system being designed to produce annual forecasts of new and used vehicle demand by vehicle type and geographic area in Cahforma. The system will also forecast annual vehicle miles traveled for all...

We compare multinomial logit and mixed logit models for data on California households' revealed and stated preferences for automobiles. The stated preference (SP) data elicited households' preferences among gasoline, electric, methanol, and compressed natural gas vehicles with various...

Choice modelling is an increasingly important technique for forecasting and valuation, with applications in fields such as transportation, health and environmental economics. For this reason it has attracted attention from leading academics and practitioners and methods have advanced...

Choice modelling has been one of the most active fields in economics over recent years. This valuable new book contains leading contributions from academics and practitioners from across the different areas of study where choice modelling is a key analytical technique, drawn from a recent...

A study was conducted to determine how demand for clean-fuel vehicles and their fuel is likely to vary as a function of attributes that distinguish these vehicles from conventional gasoline vehicles. For the purposes of the study, clean-fuel vehicles are defined to encompass both electric...

Fleet demand for alternative-fuel vehicles ('AFVs' operating on fuels such as electricity, compressed natural gas, or methanol) is investigated through an analysis of a 1994 survey of 2000 fleet sites in California. This survey gathered information on site characteristics, awareness of mandates...

Random utility models often involve terms which represent alternative-specific errors, and the main attractive feature of the multinomial probit (MNP) model is that it allows a rather general covariance structure for these errors. However, since observed choices only reveal information regarding...

Dynamic, disaggregate choice models which use longitudinal data are known to have clear advantages over cross-sectional models, but they also have their own unique estimation problems. The correlation among unobserved error components ("heterogeneity") that is likely to exist in such data sets...