The determinants of transitions between di erent states of nancial distress are analyzed using two versions of Markov chain models: a multinomial logit model without random e ects and a multinomial logit model capturing such unobservable factors. The empirical analysis is based on a panel data set containing information on 15,538 East German rms founded between 1994 and 1999. The estimation res...

Elimination by aspects (EBA) is a random utility model that is considered to represent the choice process used by consumers more faithfully than logit and probit models. One limitation of the model is that it does not have a known error theory. We show that EBA can be derived by assuming that aspects have random utilities with independent, extreme value distributions. Multinomial logit and rank...

Multinomial logit models which are most commonly used for the modeling of unordered multi-category responses are typically restricted to the use of few predictors. In the high-dimensional case maximum likelihood estimates frequently do not exist. In this paper we are developing a boosting technique called multinomBoost that performs variable selection and fits the multinomial logit model also w...

The use of the multinomial logit model is typically restricted to applications with few predictors, because in high-dimensional settings maximum likelihood estimates tend to deteriorate. In this paper we are proposing a sparsity-inducing penalty that accounts for the special structure of multinomial models. In contrast to existing methods, it penalizes the parameters that are linked to one vari...

This paper uses data on automobile purchases to compare two alternatives to the multinomial logit model. The results indicate that the nested logit model is likely to be superior to the more general Berry–Levinsohn–Pakes model for applications using aggregate-level data.  2000 Elsevier Science S.A. All rights reserved.

The multinomial logit model (MNL) possesses a latent variable representation in terms of random variables following a multivariate logistic distribution. Based on multivariate finite mixture approximations of the multivariate logistic distribution, various data-augmented Metropolis-Hastings algorithms are developed for a Bayesian inference of the MNL model. Zusammenfassung: Das multinomiale log...

Objectives: This exploratory study sought to investigate the impact of cognitive functioning on the consistency of individual responses to a DCE study conducted exclusively with older people. Methods: A DCE to investigate preferences for multidisciplinary rehabilitation was administered to a consenting sample of older patients (aged 65 years and over) following surgery to repair a fractured hip...

The aim of this paper is to contribute to describe the simultaneous choice of travel mode and 1 departure time by making use of a cross-nested logit structure that allows for the joint representation of 2 inter-alternative correlation along the both choice dimensions. Traditional multinomial logit model and 3 nested logit model are formulated respectively. The analysis uses the Revealed Prefere...