Accommodating multiple constraints in the multiple discrete–continuous extreme value (MDCEV) choice model

Marisol Castro, Chandra R. Bhat, Ram M. Pendyala and Sergio Jara-Diaz ()

Transportation Research Part B: Methodological, 2012, vol. 46, issue 6, 729-743

Abstract: Multiple-discrete continuous choice models formulated and applied in recent years consider a single linear resource constraint, which, when combined with consumer preferences, determines the optimal consumption point. However, in reality, consumers face multiple resource constraints such as those associated with time, money, and capacity. Ignoring such multiple constraints and instead using a single constraint can, and in general will, lead to poor data fit and inconsistent preference estimation, which can then have a serious negative downstream effect on forecasting and welfare/policy analysis.

Keywords: Travel demand; Multiple discrete–continuous extreme value model; Multiple constraints; Time use; Consumer theory (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (37)

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DOI: 10.1016/j.trb.2012.02.005

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