By Prof. Dr. Axel Börsch-Supan (auth.), Prof. Dr. Axel Börsch-Supan (eds.)
This booklet is a treatise on empirical microeconomics: it describes the econometric thought of qualitative selection versions and the empirical perform of modeling purchaser call for for a heterogeneous commodity, housing. therefore, the publication has components. the 1st half supplies a self-contained survey of discrete selection types with emphasis on nested and comparable multinomial logit versions. the second one half concentrates on 3 considerable questions about housing call for and the way they are often spoke back utilizing discrete selection types. Why mix those special components in a single ebook? it's the interplay among conception and alertness in empirical microeconomics on which we concentration during this publication. for that reason, emphasis within the methodological half is on practicability, and emphasis within the utilized half is at the utilization of the correct econometric necessities. Econometrics potential measuring financial phenomena. simply because nature (ironically, in relation to economics, this can be more often than not the govt.) hardly ever presents us with well-defined monetary experiments, dimension of financial phenomena frequently calls for an difficult statistical equipment that's in a position to separate concurrent and confounding phenomena. Discrete selection versions have proved to be a truly handy equipment to review the complicated matters in housing call for. We current types, concepts, and statistical difficulties of discrete selection within the first and methodological a part of the publication, written in traditional textbook style.
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Additional resources for Econometric Analysis of Discrete Choice: With Applications on the Demand for Housing in the U.S. and West-Germany
For each choice probability, an array of S·I elasticities refers to changes of each of the S explanatory variables in each of the I alternatives. 9) a a log Pl mn log Zijk,s with 6 = Zijk,s7s • ( 6 - Pijk ) 0il·Ojrn·okn l/Ojk + 0jrn·okn (1/Ojk-1/Ok) Pi Ijk + 0kn (Ok-1)/Ok Pj Ik·Piljk In the usual fashion, oil denotes the Kronecker symbol (oil=l if i=l, 0il=O otherwise). These elasticities measure the percentage change of the probability of choosing alternative lmn in response to a change in the s-th attribute of alternative ijk by one percent.
9) tells us that the relative odds of renting versus owning have to stay constant regardless of the number or attributes of any other alternative, forcing the new distribution to be 33 percent for all three alternatives. This is clearly implausible because of the similarity of owning individually and owning cooperatively. The failure to accommodate different degrees of cross-alternative SUbstitution renders the multinomial logit specification inappropriate for such heterogeneous choice sets as will be investigated in the housing choices of Part Two.
Mn s 0k .. mn s ... • The dissimilarity parameters 0n, ... ,Ojk .. mn are usually estimated from the data by maximum likelihood methods. 10) are quite frequently violated in empirical analysis. 50 Examples are: McFadden, Talvitie, and Associates (1977); Coslett (1978); Small and Brownstone (1982); Hensher (1984); Borsch-Supan (1985). A violation may be interpreted as a misspecification of the choice model, for instance an unsuitable clustering of alternatives. 10) holds for all veRI may be overly restrictive because economic theory usually restricts the set of data points that are sensible for a specific application of the choice model to a subset of RI.
Econometric Analysis of Discrete Choice: With Applications on the Demand for Housing in the U.S. and West-Germany by Prof. Dr. Axel Börsch-Supan (auth.), Prof. Dr. Axel Börsch-Supan (eds.)