Mixed Logit with Bounded Distributions of Correlated Partworths

By Train Kenneth
Applications of Simulation Methods in Environmental Resource Economics (2005)

  • Kenneth Train

    University of California, Berkeley

    USA

Created

September 27, 2013

Last update

September 27, 2013

Software

Matlab

Ranking

32

Visits

6144

Downloads

65

Description

This code provides Bayesian estimation of the mixed logit model which accommodates bounded and correlated partworths (where "partworths" are coefficients of the attributes in the utility function). The model retains the numerical advantages of Bayesian procedures with correlated normals while also allowing for different bounded distributions of partworths (log-normal, normal censored from below at 0, Johnson's S_B distribution). The code allows variables with either fixed and/or random coefficients. The results are presented in the standard format for classically estimated models, namely by reporting the parameter estimates (posterior means) and their standard errors (posterior standard deviations).

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