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Displaying results 1 to 4 of 4.

  1. Flexible Estimation of Random Coefficient Logit Models of Differentiated Product Demand
    Author: Kandelhardt, Johannes
    Published: 2023
    Publisher:  Düsseldorf Institute for Competition Economics (DICE), Heinrich-Heine-Universität Düsseldorf, Düsseldorf

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  2. Flexible estimation of random coefficient logit models of differentiated product demand
    Author: Kandelhardt, Johannes
    Published: May 2023
    Publisher:  Düsseldorfer institue for competition economics (DICE), Düsseldorf ; Heinrich-Heine-Universität Düsseldorf

  3. Flexible estimation of random coefficient logit models of differentiated product demand
    Author: Kandelhardt, Johannes
    Published: May 2023
    Publisher:  Heinrich-Heine-University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), Düsseldorf, Germany

    The Berry, Levinsohn, and Pakes (1995, BLP) model is widely used to obtain parameter estimates of market forces in differentiated product markets. The results are often used as an input to evaluate economic activity in a structural model of demand... more

    Location:
    Universitäts- und Landesbibliothek Düsseldorf
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    The Berry, Levinsohn, and Pakes (1995, BLP) model is widely used to obtain parameter estimates of market forces in differentiated product markets. The results are often used as an input to evaluate economic activity in a structural model of demand and supply. Precise estimation of parameter estimates is therefore crucial to obtain realistic economic predictions. The present paper combines the BLP model and the logit mixed logit model of Train (2016) to estimate the distribution of consumer heterogeneity in a flexible and parsimonious way. A Monte Carlo study yields asymptotically normally distributed and consistent estimates of the structural parameters. With access to micro data, the approach allows for the estimation of highly flexible parametric distributions. The estimator further allows to introduce correlations between tastes, yielding more realistic demand patterns without substantially altering the procedure of estimation, making it relevant for practitioners. The BLP estimator is established to yield biased and inconsistent results when the underlying distributional shape is non-normally distributed. An application shows the estimator to perform well on a real world dataset and provides similar estimates as the BLP estimator with the option of specifying consumer heterogeneity as a function of a polynomial, step function or spline, resulting in a flexible estimation procedure

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9783863043988
    Series: Discussion paper / Düsseldorf Institute for Competition Economics (DICE) ; no 399
    Subjects: Nachfragetheorie des Haushalts; Produktdifferenzierung; Mehrebenenanalyse; Logit-Modell; Theorie; Schätzung; Kraftfahrzeug; Absatz; USA
    Scope: 61 Seiten, Diagramme
  4. Flexible estimation of random coefficient logit models of differentiated product demand
    Author: Kandelhardt, Johannes
    Published: May 2023
    Publisher:  Heinrich-Heine-University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), Düsseldorf, Germany

    The Berry, Levinsohn, and Pakes (1995, BLP) model is widely used to obtain parameter estimates of market forces in differentiated product markets. The results are often used as an input to evaluate economic activity in a structural model of demand... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 256
    Inter-library loan:
    No inter-library loan

     

    The Berry, Levinsohn, and Pakes (1995, BLP) model is widely used to obtain parameter estimates of market forces in differentiated product markets. The results are often used as an input to evaluate economic activity in a structural model of demand and supply. Precise estimation of parameter estimates is therefore crucial to obtain realistic economic predictions. The present paper combines the BLP model and the logit mixed logit model of Train (2016) to estimate the distribution of consumer heterogeneity in a flexible and parsimonious way. A Monte Carlo study yields asymptotically normally distributed and consistent estimates of the structural parameters. With access to micro data, the approach allows for the estimation of highly flexible parametric distributions. The estimator further allows to introduce correlations between tastes, yielding more realistic demand patterns without substantially altering the procedure of estimation, making it relevant for practitioners. The BLP estimator is established to yield biased and inconsistent results when the underlying distributional shape is non-normally distributed. An application shows the estimator to perform well on a real world dataset and provides similar estimates as the BLP estimator with the option of specifying consumer heterogeneity as a function of a polynomial, step function or spline, resulting in a flexible estimation procedure.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783863043988
    Other identifier:
    hdl: 10419/270954
    Series: Discussion paper / Düsseldorf Institute for Competition Economics (DICE) ; no 399
    Subjects: Nachfragetheorie des Haushalts; Produktdifferenzierung; Mehrebenenanalyse; Logit-Modell; Theorie; Schätzung; Kraftfahrzeug; Absatz; USA
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen