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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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Published in: | Journal of econometrics 1993-04, Vol.56 (3), p.323-340 |
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Main Authors: | , |
Format: | Article |
Language: | English |
Subjects: | |
Citations: | Items that this one cites Items that cite this one |
Online Access: | Get full text |
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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. |
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ISSN: | 0304-4076 1872-6895 |
DOI: | 10.1016/0304-4076(93)90124-N |