Discrete Choice with Social Interactions I PDF Download
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Author: William A. Brock
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
This paper provides an analysis of aggregate behavioral outcomes when individual utility exhibits social interaction effects. We study generalized logistic models of individual choice which incorporate terms reflecting the desire of individuals to conform to the behavior of others in an environment of noncooperative decisionmaking. Laws of large numbers are generated in such environments. Multiplicity of equilibria in these models, which are equivalent to the existence of multiple self-consistent means for average choice behavior, will exist when the social interactions exceed a particular threshold. Local stability of these multiple equilibria is also studied. The properties of the noncooperative economy are contrasted with the properties of an economy in which a social planner determines the set of individual choices. The model is additionally shown to be well suited to explaining a number of empirical phenomena, such as threshold effects in individual behavior, ethnic group fixed effects of income equations, and large cross-group differences in binary choice behavior.
Author: William A. Brock
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
This paper provides an analysis of aggregate behavioral outcomes when individual utility exhibits social interaction effects. We study generalized logistic models of individual choice which incorporate terms reflecting the desire of individuals to conform to the behavior of others in an environment of noncooperative decisionmaking. Laws of large numbers are generated in such environments. Multiplicity of equilibria in these models, which are equivalent to the existence of multiple self-consistent means for average choice behavior, will exist when the social interactions exceed a particular threshold. Local stability of these multiple equilibria is also studied. The properties of the noncooperative economy are contrasted with the properties of an economy in which a social planner determines the set of individual choices. The model is additionally shown to be well suited to explaining a number of empirical phenomena, such as threshold effects in individual behavior, ethnic group fixed effects of income equations, and large cross-group differences in binary choice behavior.
Author: William A. Brock
Publisher:
ISBN:
Category : Consumers' preferences
Languages : en
Pages : 50
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Author: William A. Brock
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Giulio Zanella
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Author: Kenneth Train
Publisher: Cambridge University Press
ISBN: 0521766559
Category : Business & Economics
Languages : en
Pages : 399
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Book Description
This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Author: Scott Duke Kominers
Publisher:
ISBN:
Category :
Languages : en
Pages : 7
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Book Description
This note extends the Brock and Durlauf (2001) model of discrete choice with social interactions to a setting with multiple locations. This generalization leads to a closed-form measure of the quot;social multiplierquot; akin to that of Glaeser, Sacerdote, and Scheinkman (2003). The dynamics of this multiplier expose the relationship between the aggregate social outcome and the strength of the social multiplier.
Author: Adriaan Ròbin Soetevent
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Ji Li
Publisher:
ISBN: 9780549000235
Category :
Languages : en
Pages : 123
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Book Description
My dissertation focuses on interaction-based models in which a given agent's payoff function directly incorporates the expected choices of other agents. Such models are appealing in investigating group behavior evolving from individual interactions and in explaining individual behavior under group influence.
Author: William A. Brock
Publisher:
ISBN:
Category : Decision making
Languages : en
Pages : 62
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Book Description
This paper develops a model of individual decisionmaking in the presence of social interactions when the number of available choices is finite. We show how a multinomial logit model framework may be used to model such decisions in a way that permits a tight integration of theory and econometrics. Conditions are given under which aggregate choice behavior in a population exhibits multiple self-consistent equilibria. An econometric version of the model is shown to be identified under relatively weka conditions. That analysis is extended to allow for general error distributions and some preliminary ways to account for the endogeneity of group memberships are developed.
Author: Peter Kooreman
Publisher:
ISBN:
Category :
Languages : en
Pages :
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