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on Discrete Choice Models |
| By: | André De Palma (ENS Cachan - Ecole Normale Supérieure de Cachan - École normale supérieure de Cachan - ENS Cachan); Nathalie Picard (THEMA - Théorie économique, modélisation et applications - CNRS : UMR8184 - Université de Cergy Pontoise); Ignacio Inoa (THEMA - Théorie économique, modélisation et applications - CNRS : UMR8184 - Université de Cergy Pontoise) |
| Abstract: | There is still a long way to achieve the goal of providing a theoretical and empirical framework to model and apply economics of the family. Decision-making within the family has been neglected too long in transportation. Two special issues by Bhat and Pendyala, 2005 and by Timmermans and Junyi Zhang, 2009 provide the most notable exceptions. The objective of this paper is to set-up a flexible framework to discuss the development of integrated transportation models involving interacting and interdependent actors; updating previous reviews from the point of view of economics of the family . Transportation is very keen to have access to this type of models, since their applications are numerous. Let mention, for example, residential location choice, workplace choice, car ownership, choice of children's school, mode choice, departure time choice activity patterns and the like. The (non unitary) economics of the family models are totally different models, which do not merely extend existing discrete choice models. They introduce new concepts, which are specific to within family interactions: negotiation, altruism, or repeated interaction and Pareto optimality. This review is completed with the study of different types of accessibility measures including recent work on time-geography measures of accessibility. |
| Date: | 2013–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-00812835&r=dcm |
| By: | Deborah E Lee, Stephen G Hosking and Mario Du Preez |
| Abstract: | Navigation of estuaries is a vitally important aspect of boating recreation in South Africa and elsewhere. This paper uses a choice experiment to estimate recreation values of the Kromme River Estuary, a popular estuary along South Africa’s east coast. This valuation methodology allows for the identification of preferred management strategies through the trade-offs made by estuarine recreational users. It is found that the level of navigability is the most important predictor of user choice, and argued that more attention needs to be paid than is being to options for improving navigability and methods to fund these interventions. It is concluded that an increase in license fee of R437 would improve recreational value. |
| Keywords: | Estuary, recreational attributes, navigability, choice experiment, willingness-to-pay, conditional logit model, random parameters logit model |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:339&r=dcm |
| By: | Keesookpun, Chutipong; Mitomo, Hitoshi |
| Abstract: | The cloud computing model is a modern concept of computation that provides a number of benefits for its adopters. This online computing model has been widely used in the western world and accepted to have some business and economic impacts. This paper provides some basic knowledge about cloud computing and discusses the greatest benefit which is cost reduction in fixed ICT capital and services. With such the benefit, this study attempts to find the determining factors for cloud computing adoption in various industries and proposes some policy recommendations accordingly in order to facilitate the diffusion of the innovative computing model as well as the extensive realisation of its benefit. Thailand is selected as ground for investigation. The discrete choice model of logistic regression is selected as an econometric tool to extract the relationships of different attributes and the probability of cloud computing adoption in 206 industries. The results point out significant determining factors categorised into Internet and technology; cost; and some difficulties in ICT usage. Hence, some policy implications in order to increase the possibility of adoption include an effort to improve internet capability of employees; provide some investment incentives such as tax reduction and low-cost loans for initial set-ups of cloud computing systems; and develop reliable internet network with advanced capability and low cost of use. -- |
| Keywords: | Cloud computing,Economic benefits of the cloud,Cloud computing adoption,Binary regression,Thai industries |
| JEL: | C25 D22 O31 O53 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb12:72507&r=dcm |
| By: | Andersson, Ola (Research Institute of Industrial Economics (IFN)); Tyran, Jean-Robert (University of Vienna); Wengström, Erik (University of Copenhagen); Holm, Håkan J. (Lund University) |
| Abstract: | Recent experimental studies suggest that risk aversion is negatively related to cognitive ability. In this paper we report evidence that this relation might be spurious. We recruit a large subject pool drawn from the general Danish population for our experiment. By presenting subjects with choice tasks that vary the bias induced by random choices, we are able to generate both negative and positive correlations between risk aversion and cognitive ability. Structural estimation allowing for heterogeneity of noise yields no significant relation between risk aversion and cognitive ability. Our results suggest that cognitive ability is related to random decision making, rather than to risk preferences. |
| Keywords: | Risk preference; Cognitive ability; Experiment; Noise |
| JEL: | C81 C91 D12 D81 |
| Date: | 2013–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:0964&r=dcm |
| By: | Marc Sangnier (AMSE - Aix-Marseille School of Economics - Aix-Marseille Univ. - Centre national de la recherche scientifique (CNRS) - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole Centrale Marseille (ECM)) |
| Abstract: | This note describes the Stata command alloch which helps to allocate exclusive choices among individuals who have ordered preferences over available alternatives. |
| Keywords: | alloch; random allocation; choice criterion |
| Date: | 2013–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00812496&r=dcm |
| By: | Mohamed Mnasri; Georges Dionne; Jean-Pierre Gueyie |
| Abstract: | Using a unique, hand-collected data set on hedging activities of 150 US oil and gas producers, we study the determinants of hedging strategy choice. We also examine the economic effects of hedging strategy on firms’ risk, value and performance. We model hedging strategy choice as a multi-state process and use several dynamic discrete choice frameworks with random effects to mitigate the unobserved individual heterogeneity problem and the state dependence phenomena. We find strong evidence that hedging strategy is influenced by investment opportunities, oil and gas market conditions, financial constraints, the correlation between internal funds and investment expenditures, and oil and gas production specificities (i.e., production uncertainty, production cost variability, production flexibility). Finally, we present novel evidence of the real implications of hedging strategy on firms’ stock return and volatility sensitivity to oil and gas price fluctuations, along with their accounting and operational performance |
| Keywords: | Risk management, derivative choice determinants, hedging strategies, linear and non-linear hedging, state dependence, dynamic discrete choice models, economic effects, oil and gas industry |
| JEL: | D8 G32 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:lacicr:1307&r=dcm |
| By: | Mario Du Preez, Deborah Ellen Lee and Leann Cloete |
| Abstract: | This paper examines the Nelson Mandela Bay public’s willingness to pay (WTP) for the removal of a local undesirable land use, the manganese ore dumps and the oil tank farm situated within the boundaries of the Port Elizabeth harbour, Eastern Cape, South Africa, by means of the contingent valuation method. Both a non-parametric and parametric estimate of the WTP is derived. Estimated WTP for the removal of this disamenity ranges from R47.09 to R93.21 per household. The aggregate WTP ranges from R13 489 683 to R26 701 496. Due to the sensitivity of the parametric estimate of WTP to functional form specification and the distribution of the random part of preferences, the less restricted non-parametric WTP estimate (R47.09) is more appropriate. The results of this study show that policy-makers should take heed of the importance communities attach to the location of pollution-creating activities in urban areas. |
| Keywords: | Contingent valuation, willingness to pay, dichotomous choice, parametric estimation, non-parametric estimation |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:338&r=dcm |
| By: | Mark E. McGovern (Harvard School of Public Health); Till Bärnighausen (Harvard School of Public Health); Joshua A. Salomon (Harvard School of Public Health); David Canning (Harvard School of Public Health) |
| Abstract: | Selection bias in HIV prevalence estimates occurs if refusal to test is correlated with HIV status. Interviewer identity is plausibly correlated with consenting to test, but not with HIV status, allowing a Heckman-type correction that produces consistent HIV prevalence estimates. We innovate on existing approaches by showing that an interviewer random effects Bayesian estimator produces prevalence estimates that are unbiased as well as consistent. An additional advantage of this new estimator is that it allows the construction of bootstrapped standard errors. It is also easily implemented in standard statistical software. The model is used to produce new estimates and confidence intervals for HIV prevalence among men in Zambia and Ghana. |
| Keywords: | HIV, Heckman Selection Models, Missing Data, Bayesian Estimation |
| Date: | 2013–04 |
| URL: | http://d.repec.org/n?u=RePEc:gdm:wpaper:10113&r=dcm |