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A new family of qualitative choice models: An application of reference models to travel mode choice
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A new family of qualitative choice models: An application of reference models to travel mode choice
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Paper
A new family of qualitative choice models: An application of reference models to travel mode choice
2019
Overview
This paper considers the recently introduced family of reference models dedicated to non-ordered alternatives. The link function of reference models is that of the multinomial logit model (MNL) replacing the logistic cumulative distribution function (cdf) by other cdfs (e.g., Gumbel, Student). We determine all usual economic outputs (willingness-to-pay, elasticities,...). We also show that the IIA property generally does not hold for this family of models, because of their noninvariance to the alternative chosen as a reference. We estimate and compare five reference models to the MNL on a travel mode-choice survey: according to the chosen cdf, reference models lead to a better fit and retrieve consistent economic outputs estimations even when there is a high unobserved heterogeneity.
Publisher
Federal Reserve Bank of St. Louis
Subject
