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Non-linear mixed logit |
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| Authors: | Steffen Andersen Glenn W. Harrison Arne Risa Hole Morten Lau E. Elisabet Rutstr?m |
| Affiliation: | 1. Department of Economics, Copenhagen Business School, Copenhagen, Denmark 2. Department of Risk Management & Insurance and CEAR, Robinson College of Business, Georgia State University, Atlanta, GA, USA 3. Department of Economics, University of Sheffield, Sheffield, UK 4. Durham Business School, Durham University, Durham, UK 5. Robinson College of Business and Department of Economics, Andrew Young School of Policy Studies, Georgia State University, Atlanta, GA, USA |
| Abstract: | We develop an extension of the familiar linear mixed logit model to allow for the direct estimation of parametric non-linear functions defined over structural parameters. Classic applications include the estimation of coefficients of utility functions to characterize risk attitudes and discounting functions to characterize impatience. There are several unexpected benefits of this extension, apart from the ability to directly estimate structural parameters of theoretical interest. |
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