Economics at your fingertips  

Estimation of multinomial probit-kernel integrated choice and latent variable model: comparison on one sequential and two simultaneous approaches

Xuemei Fu () and Zhicai Juan ()
Additional contact information
Xuemei Fu: Shanghai Jiao Tong University
Zhicai Juan: Shanghai Jiao Tong University

Transportation, 2017, vol. 44, issue 1, 91-116

Abstract: Abstract Integrated choice and latent variable (ICLV) model incorporates latent factors into standard discrete choice model with aim to provide greater explanatory power. Using simulated datasets, this study makes a comparison among three estimation approaches corresponding to the sequential approach and two simultaneous approaches including the maximum simulated likelihood with GHK estimator and maximum approximate composite marginal likelihood (MACML) approach, to evaluate their abilities to recover the underlying parameters of multinomial probit-kernel ICLV model. The results show that both simultaneous approaches outperform the sequential approach in terms of estimates accuracy and efficiency irrespective of the sample sizes, and the MACML approach is the most preferable due to its best performance on recovering true values of parameters with relatively small standard errors, especially when the sample size is large enough.

Keywords: ICLV model; MACML; MSL; Sequential approach; Simultaneous approach (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11116/PS2

Access Statistics for this article

Transportation is currently edited by Kay W. Axhausen

More articles in Transportation from Springer
Bibliographic data for series maintained by Sonal Shukla ().

Page updated 2019-11-06
Handle: RePEc:kap:transp:v:44:y:2017:i:1:d:10.1007_s11116-015-9626-x