Economics, Econometrics and Finance
6 years ago

New Study: Any Distribution Can Predict Choice Probability, Changing Decision-Making Forever!

AIRO Springer series/AIRO Springer Series
A Recent Approach to Derive the Multinomial Logit Model for Choice Probability
Roberto Tadei, Guido Perboli, Daniele Manerba

Paper Summary

The Multinomial Logit model for choice probability can be derived without needing a specific distribution for choice variables. Any distribution that is exponential in its tail will work.

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