Abstract
SummaryThe mixed logit model is widely used in applied econometrics. Researchers typically rely on the free choice between the classical and Bayesian estimation approach. However, empirical evidence of the similarity of their parameter estimates is sparse. The presumed similarity is mainly based on one empirical study that analyzes a single dataset (Huber J, Train KE. 2001. On the similarity of classical and Bayesian estimates of individual mean partworths. Marketing Letters12(3): 259–269). Our replication study offers a generalization of their results by comparing classical and Bayesian parameter estimates from six additional datasets and specifically for panel versus cross‐sectional data. In general, our results suggest that the two methods provide similar results, with less similarity for cross‐sectional data than for panel data. Copyright © 2016 John Wiley & Sons, Ltd.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
