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Bayesian analysis of logit models using natural conjugate priors

This study provides a Bayesian investigation of conditional logit and multinomial logit models based on a conjugate prior which has many appealing computational properties. A one-parameter ‘neutral’ prior is developed which concentrates prior mass over the region corresponding to equiprobable altern...

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Bibliographic Details
Published in:Journal of econometrics 1993-04, Vol.56 (3), p.323-340
Main Authors: Koop, Gary, Poirier, Dale J
Format: Article
Language:English
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Summary:This study provides a Bayesian investigation of conditional logit and multinomial logit models based on a conjugate prior which has many appealing computational properties. A one-parameter ‘neutral’ prior is developed which concentrates prior mass over the region corresponding to equiprobable alternatives. This prior is particularly attractive in sensitivity analysis. An empirical example of occupational choice illustrates the proposed techniques.
ISSN:0304-4076
1872-6895
DOI:10.1016/0304-4076(93)90124-N