A new random utility model with flexible correlation pattern and closed-form covariance expression: The CoRUM
| Autor: | Andrea Papola |
|---|---|
| Přispěvatelé: | Papola, Andrea |
| Rok vydání: | 2016 |
| Předmět: |
050210 logistics & transportation
Finite mixture Covariance matrix Cumulative distribution function 05 social sciences Mixing model Transportation 010501 environmental sciences Management Science and Operations Research Covariance 01 natural sciences Expression (mathematics) Correlation Mixing (mathematics) 0502 economics and business Econometrics Nested logit model Closed-form correlation matrix Utility model 0105 earth and related environmental sciences Civil and Structural Engineering Mathematics |
| Zdroj: | Transportation Research Part B: Methodological. 94:80-96 |
| ISSN: | 0191-2615 |
| DOI: | 10.1016/j.trb.2016.09.008 |
| Popis: | This paper proposes a new random utility model characterised by a cumulative distribution function (cdf) obtained as a finite mixture of different cdfs. This entails that choice probabilities, covariances and elasticities of this model are also a finite mixture of choice probabilities, covariances and elasticities of the mixing models. As a consequence, by mixing nested logit cdfs, a model is generated with closed-form expressions for choice probabilities, covariances and elasticities and with, potentially, a very flexible correlation pattern. Importantly, the closed-form covariance expression opens up interesting application possibilities in some special choice contexts, like route choice, where prior expectations in terms of the covariance matrix can be formulated. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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