Estimation of discrete/continuous choice model: application of Bayesian approach using Gibbs sampling
The paper suggests a different model for estimating a discrete/continuous choice framework using Gibbs sampling. The basic idea of using Gibbs sampling for the multinomial probit model is extended to the case of a discrete/continuous framework. To check the applicability of this method, it was applied to estimate the parameters of a 'vehicle ownership and use' model in Seoul, Korea. Also estimated was the price elasticity of gasoline demand, calculated to be -0.7601.
Year of publication: |
2002
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Authors: | Kim, Yeonbae |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 9.2002, 5, p. 305-309
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Publisher: |
Taylor & Francis Journals |
Saved in:
freely available
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