Generalized extreme value discrete choice demand models : Existence and uniqueness of market equilibria |
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| Authors: | Erik Anders Eriksson |
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| Affiliation: | 1. Wuhan Institute of Physics and Mathematics, Chinese Academy of Sciences, 430071, Wuhan, PR China;2. School of Mathematics and statistics, Wuhan University, 430072, Wuhan, PR China;3. Université de Rouen, CNRS UMR 6085, Laboratoire de Mathématiques, 76801 Saint-Etienne du Rouvray, France;1. The University of Sheffield, Department of Computer Science, Regent Court, 211 Portobello, Sheffield S1 4DP, United Kingdom;2. Institute of High Performance Computing, A *STAR, 1 Fusionopolis Way, 16-16 Connexis North, Singapore 138632, Singapore |
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| Abstract: | Generalized extreme value (GEV) random utility choice models have been suggested as a development of the multinomial logit models that allows the random components of various alternatives to be statistically dependent. This paper establishes the existence of and provides necessary and sufficient uniqueness conditions for the solutions to a set of equations that may be interpreted as an equilibrium of an economy, the demand side of which is described by a multiple-segment GEV random choice model. The same equations may alternatively be interpreted in a maximum likelihood estimation context. The method employed is based on optimization theory and may provide a useful computational approach. The uniqueness results suggest a way to introduce segregation/integration effects into logit type choice models. Generalization to non-GEV models are touched upon. |
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