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on Discrete Choice Models |
| By: | Khanal, Badri; Schoengold, Karina; Mieno, Taro; Schulte Moore, Lisa |
| Keywords: | Resource/Energy Economics and Policy |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304418&r=all |
| By: | Zhang, Xumin; Khachatryan, Hayk; Gao, Zhifeng |
| Keywords: | Research Methods/Statistical Methods, Institutional and Behavioral Economics, Resource/Energy Economics and Policy |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304547&r=all |
| By: | Wayne Yuan Gao; Ming Li |
| Abstract: | This paper proposes a robust method for semiparametric identification and estimation in panel multinomial choice models, where we allow for infinite-dimensional fixed effects that enter into consumer utilities in an additively nonseparable way, thus incorporating rich forms of unobserved heterogeneity. Our identification strategy exploits multivariate monotonicity in parametric indexes, and uses the logical contraposition of an intertemporal inequality on choice probabilities to obtain identifying restrictions. We provide a consistent estimation procedure, and demonstrate the practical advantages of our method with simulations and an empirical illustration with the Nielsen data. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2009.00085&r=all |
| By: | Regassa, Mekdim D.; Abate, Gashaw T.; Kubik, Zaneta |
| Keywords: | Teaching/Communication/Extension/Profession, Labor and Human Capital, Institutional and Behavioral Economics |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304498&r=all |
| By: | Park, Sihyun; Kim, Sanghyo; Park, Misung |
| Keywords: | Demand and Price Analysis, Marketing, Institutional and Behavioral Economics |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304618&r=all |
| By: | Tu, Juan; Qiu, Feng; Yang, Meng |
| Keywords: | Resource/Energy Economics and Policy, Agricultural and Food Policy, Community/Rural/Urban Development |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304260&r=all |
| By: | Aycinena, D; Blazsek, S; Rentschler, L; Sprenger, C |
| Abstract: | Intertemporal choice experiments are frequently implemented to make inference about time preferences, yet little is known about the predictive power of resulting measures. This project links standard experimental choices to a decision on the desire to smooth a large-stakes payment — around 10% of annual income — through time. In a sample of around 400 Guatemalan Conditional Cash Transfer recipients, we find that preferences over large-stakes payment plans are closely predicted by experimental measures of patience and diminishing marginal utility. These represent the first findings in the literature on the predictive content of experimentally elicited intertemporal preferences for large-stakes decisions. |
| Keywords: | Structural estimation, Out-of-sample prediction, Discounting, Convex Time Budget |
| JEL: | D1 D3 D90 |
| Date: | 2020–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:col:000092:018357&r=all |
| By: | Regmi, Hari; Upendram, Sreedhar; Jensen, Kimberly L.; DeLong, Karen L. |
| Keywords: | Marketing, Agribusiness, Community/Rural/Urban Development |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304273&r=all |
| By: | Yang, Meng; Qiu, Feng; Huang, Weihua |
| Keywords: | Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, Labor and Human Capital |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304407&r=all |
| By: | Boufous, Sawssan; Hudson, Darren; Carpio, Carlos; Malaga, Jaime |
| Keywords: | Agribusiness, Agricultural Finance, Production Economics |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304180&r=all |
| By: | CHAN Joshua (Purdue University); DOUCET Arnaud (University of Oxford); Roberto Leon-Gonzalez (National Graduate Institute for Policy Studies (GRIPS), Tokyo, Japan.); STRACHAN Rodney W. (University of Queensland) |
| Abstract: | This paper develops a new methodology that decomposes shocks into homoscedastic and heteroscedastic components. This specification implies there exist linear combinations of heteroscedastic variables that eliminate heteroscedasticity; a property known as co-heteroscedasticity. The heteroscedastic part of the model uses a multivariate stochastic volatility inverse Wishart process. The resulting model is invariant to the ordering of the variables, which we show is important for volatility estimation. By incorporating testable co-heteroscedasticity restrictions, the specification allows estimation in moderately high-dimensions. The computational strategy uses a novel particle filter algorithm, a reparameterization that substantially improves algorithmic convergence and an alternatingorder particle Gibbs that reduces the amount of particles needed for accurate estimation. We provide an empirical application to a large Vector Autoregression (VAR), in which we find strong evidence for co-heteroscedasticity and that the new method compares favorably to previous ones in terms of forecasting from horizon 3 onward. A Monte Carlo experiment illustrates that the new method estimates well the characteristics of approximate factor models with heteroscedastic errors. |
| Keywords: | Markov Chain Monte Carlo, Gibbs Sampling, Flexible Parametric Model, Particle Filter, Co-heteroscedasticity, state-space, reparameterization, alternating-order |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:ngi:dpaper:20-09&r=all |
| By: | Steven T. Berry; Giovanni Compiani |
| Abstract: | We present a new class of methods for identification and inference in dynamic models with serially correlated unobservables, which typically imply that state variables are econometrically endogenous. In the context of Industrial Organization, these state variables often reflect econometrically endogenous market structure. We propose the use of Generalized Instrument Variables methods to identify those dynamic policy functions that are consistent with instrumental variable (IV) restrictions. Extending popular "two-step" methods, these policy functions then identify a set of structural parameters that are consistent with the dynamic model, the IV restrictions and the data. We provide computed illustrations to both single-agent and oligopoly examples. We also present a simple empirical analysis that, among other things, supports the counterfactual study of an environmental policy entailing an increase in sunk costs. |
| JEL: | C26 C57 L1 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:27756&r=all |
| By: | Yi-Hsuan Lin |
| Abstract: | In random expected utility (Gul and Pesendorfer, 2006), the distribution of preferences is uniquely recoverable from random choice. This paper shows through two examples that such uniqueness fails in general if risk preferences are random but do not conform to expected utility theory. In the first, non-uniqueness obtains even if all preferences are confined to the betweenness class (Dekel, 1986) and are suitably monotone. The second example illustrates random choice behavior consistent with random expected utility that is also consistent with random non-expected utility. On the other hand, we find that if risk preferences conform to weighted utility theory (Chew, 1983) and are monotone in first-order stochastic dominance, random choice again uniquely identifies the distribution of preferences. Finally, we argue that, depending on the domain of risk preferences, uniqueness may be restored if joint distributions of choice across a limited number of feasible sets are available. |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2009.04173&r=all |
| By: | C. Neumann da Cunha (CEPAN - CEPAN, Agribusiness Program); H. Dewes (CEPAN - CEPAN, Agribusiness Program); Marcos Vinícius Araujo (LPS - Laboratoire de Psychologie Sociale - AMU - Aix Marseille Université, UFRGS - Universidade Federal do Rio Grande do Sul [Porto Alegre]) |
| Abstract: | Purpose Identify the most important attributes used by consumers in Porto Alegre (Brazil) in the wine selection process. Originality/value: The behavior of the wine consumer is changing, since people have different wants and needs which are influenced by several factors. Among these factors, the attributes of the product are relevant to understanding the decision-making process of the consumer. Understanding such behavior is fundamental for the development of the market, since it is the consumer who determines what and how many products will be acquired. In this sense the research becomes relevant for a better understanding of the behavior of the wine consumer in the Brazilian market. Design/methodology/approach: A qualitative exploratory study through interviews with two experts in Porto Alegre (Brazil) to investigate the relevance of the attributes proposed in the literature review. The results reaffirmed the need to use 13 attributes. Later an online questionnaire was applied to 100 wine consumers. Therefore, in this work, a BIB (13, 4, 4, 1) was generated for further analysis using the BW score. As a complement, ANOVA was used to analyze the mean differences between attributes and segments. Findings: The results obtained showed that the most important attributes are related to the previous experience of the consumer with wine, gastronomic harmonization and recommendations. |
| Keywords: | Consumer behavior,Wine,Product attributes |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02885655&r=all |
| By: | Li, Fanghua; Ji, Chenyang; Zheng, Xinye |
| Keywords: | Labor and Human Capital, Community/Rural/Urban Development, Teaching/Communication/Extension/Profession |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea20:304345&r=all |
| By: | Carlo Campajola; Fabrizio Lillo; Piero Mazzarisi; Daniele Tantari |
| Abstract: | Binary random variables are the building blocks used to describe a large variety of systems, from magnetic spins to financial time series and neuron activity. In Statistical Physics the Kinetic Ising Model has been introduced to describe the dynamics of the magnetic moments of a spin lattice, while in time series analysis discrete autoregressive processes have been designed to capture the multivariate dependence structure across binary time series. In this article we provide a rigorous proof of the equivalence between the two models in the range of a unique and invertible map unambiguously linking one model parameters set to the other. Our result finds further justification acknowledging that both models provide maximum entropy distributions of binary time series with given means, auto-correlations, and lagged cross-correlations of order one. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2008.10666&r=all |