A major concern with the derivation of willingness to pay (WTP) distributions from mixed logit models is the incidence of values over a range that are deemed 'behaviourally questionable', with respect to the sign and magnitude. Recent research in redefining the 'space' within which a choice...

The multinomial logit model (MNL) has for many years provided the fundamental platform for the analysis of discrete choice. The basic model's several shortcomings, most notably its inherent assumption of independence from irrelevant alternatives have motivated researchers to develop a variety of...

This paper introduces a four-state failure model to depict a wider range of distress scenarios that public companies typically face in the real world. We use a multinomial error component logit model to analyse firm failure, a major advance on the modelling techniques used in previous research....

The nested logit model is currently the preferred extension to the simple multinomial logit (MNL) discrete choice model. The appeal of the nested logit model is its ability to accommodate differential degrees of interdependence (i.e., similarity) between subsets of alternatives in a choice set....

Developments in simulation methods, and the computational power that is now available, have enabled open-form discrete choice models such as mixed logit to be estimated with relative ease. The random parameter (RP) form has been used to identify preference heterogeneity, which can be mapped to...

Latent class models offer an alternative perspective to the popular mixed logit form, replacing the continuous distribution with a discrete distribution in which preference heterogeneity is captured by membership of distinct classes of utility description. Within each class, preference...

A growing number of empirical studies involve the assessment of influences on a choice amongst ordered discrete alternatives. Ordered logit and probit models are well known, including extensions to accommodate random parameters and heteroscedasticity in unobserved variance. This paper extends...

This paper investigates factors likely to increase a person's risk of social exclusion, drawing on survey data specifically framed for this purpose. We use a generalised ordered logit model that accounts for observed and unobserved heterogeneity and derive the marginal effects for each...