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Some aspects of random utility, extreme value theory and multinomial logit models

Andersson, Jonas; Ubøe, Jan - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2010

In this paper we give a survey on some basic ideas related to random utility, extreme value theory and multinomial logit models. These ideas are well known within the field of spatial economics, but do not appear to be common knowledge to researchers in probability theory. The purpose of the...

Persistent link: https://www.econbiz.de/10008626075

A maximum entropy approach to the newsvendor problem with partial information

Andersson, Jonas; Jörnsten, Kurt; Nonås, Sigrid Lise; … - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2011

instead the most likely demand distribution in the sense of maximum entropy. We then compare the performance of the maximum … entropy approach with minimax regret and Scarf's rule on large samples of randomly drawn demand distributions. We show that … the average performance of the maximum entropy approach is considerably better than either alternative, and more …

Persistent link: https://www.econbiz.de/10009320816

A maximum entropy approach to the newsvendor problem with partial information

Andersson, Jonas; Jörnsten, Kurt; Nonås, Sigrid Lise; … - In: European Journal of Operational Research 228 (2013) 1, pp. 190-200

instead the most likely demand distribution in the sense of maximum entropy. We then compare the performance of the maximum … entropy approach with minimax regret and Scarf’s rule on large samples of randomly drawn demand distributions. We show that … the average performance of the maximum entropy approach is considerably better than either alternative, and more …

Persistent link: https://www.econbiz.de/10011052418