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| Tekijä: | Degeratu, A. M. |
| Otsikko: | A Simple Way to Reduce Estimation Bias in Some Dynamic Choice Models |
| Lehti: | Marketing Letters
2001 : AUG, VOL. 12:3, p. 271-278 |
| Asiasana: | ESTIMATION BIAS DYNAMIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | This study proposes a simple estimator for dynamic choice models with continuous unobserved heterogeneity, state dependence induced by a first-order Markov process, and lagged choice coefficients that are not brand specific. The proposed method presents major advantages over dropping the first observation: (1) it yields low bias estimates for state dependence coefficients and, thus, it can be used to assess the presence and the magnitude of state dependence; (2) it is informative about the magnitude of bias in its estimates: and (3) it yields substantially and significantly smaller biases. The results of this study can be used to determine if the proposed method is suitable for specific applications on real data. |
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