, leading to the absence of a one-to-one mapping between parameters and outcomes. Theory typically has little to say about … for heterogeneity in parameters, but also in equilibrium selection. Thus, it complements and extends the existing …

Dynamic discrete choice models usually require a general specification of unobserved heterogeneity. In this paper, we … with a multivariate normal distribution for the unobserved heterogeneity, the Bayesian MCMC estimator yields almost … assumptions which are consistent with economic theory, e.g. log-normally distributed consumption preferences, the Bayesian method …

Endogeneity and correlated alternatives are major concerns to be addressed in travel behavior analysis. However, these … addressed endogeneity while allowing correlations between the choice alternatives. Meanwhile, the simulation also implied that …, even if the sample size is moderate. The proposed model will be a useful tool in disciplines in which both endogeneity and …

Dynamic discrete choice models usually require a general specification of unobserved heterogeneity. In this paper, we … with a multivariate normal distribution for the unobserved heterogeneity, the Bayesian MCMC estimator yields almost … assumptions which are consistent with economic theory, e.g. log-normally distributed consumption preferences, the Bayesian method …

scanner panel data. At the same time it is now accepted wisdom that disentangling preference heterogeneity and state … Bayesian learning models. That is, the failure to adequately account for preference heterogeneity may result in over …/under estimation of the learning process since this heterogeneity is also reflected in the initial conditions. Using a unique dataset …