计量经济分析（第六版）答案 Notes-24.doc

Econometrics I Professor William Greene Notes 24. Models for Discrete Choice Among Multiple Alternatives I. A Behavioral Model of Choice Among Multiple Alternatives A. The choice set: ordered and unordered choices B. The nature of the covariates: attributes of choices and characteristics of choosers C. Types of modeling frameworks: 1. Cross section and repeated measure (panel data) 2. Types of preference observations a. Revealed preferences - ex-post surveys b. Stated preference - environmental studies (willingness to pay) projects in prospect (train line, highway) unavailable technologies (electric cars) II. Formal Modeling A. The random utility approach to modeling discrete choice 1. Example from the binary choice setting 2. Generalizing the random utility model to multiple outcomes B. The importance of latent heterogeneity Fixed effects, random effects, random parameters, latent class structures III. Estimation of discrete choice models A. Formation of probabilities B. Construction of the likelihood function C. Parameter estimation and interpretation IV. Application 1. A model for choice among ordered alternatives A. The ordered probit/logit model 1. Formulation 2. Estimation and interpretation B. An application to financial strength ratings of property liability insurers 1. The basic ordered probit model 2. A model with sample selection into rating by a particular rater  Interpreting the ordered probit model 210 2 1 0