Sequential and multinomial logit: A nested model |
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| Authors: | Hans van Ophem Arthur Schram |
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| Institution: | 1. Institute of Actuarial Science and Econometrics, Faculty of Economics and Econometrics, University of Amsterdam, Roetersstraat 11, 1018 WB, Amsterdam, The Netherlands
2. Department of General Economics/CREED, Faculty of Economics and Econometrics, University of Amsterdam, 1018 WB, Amsterdam, The Netherlands
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| Abstract: | A nested model is presented which has both the sequential and the multinomial logit model as special cases. This model provides a simple test to investigate the validity of these specifications. Some theoretical properties of the model are discussed. During the analysis a distribution function is derived, which, to the best of our knowledge, has not been used before. This distribution is shown to be a generalization of the typeI extreme-value distribution. Monte Carlo experiments and empirical applications of the model are presented. |
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