Estimation of discrete/continuous choice model: application of Bayesian approach using Gibbs sampling

Yeonbae Kim

Applied Economics Letters, 2002, vol. 9, issue 5, 305-309

Abstract: 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.

Date: 2002
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DOI: 10.1080/13504850110068116

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