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Fitting mixed logit random regret minimization models using maximum simulated likelihood
\newacronym{RUM}{RUM}{Random Utility Maximization}
\newacronym{RRM}{RRM}{Random Regret Minimization}
\newacronym{Mixed RRM}{Mixed RRM}{Mixed Random Regret Minimization}
\newacronym{SML}{SML}{Simulated Maximum Likelihood}
\newacronym{ASC}{ASC}{Alternative Specific Constants}
\newacronym{SC}{SC}{Stated Choice}
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{
Ziyue Zhu \orcidA \\Faculty of Sciences\\KU Leuven\\Leuven, Belgium\\[email removed]
\and
Álvaro A. Gutiérrez-Vargas \orcidB \\Faculty of Economics and Business\\KU Leuven\\Leuven, Belgium\\[email removed]
\and
Martina Vandebroek \orcidC \\Faculty of Economics and Business\\KU Leuven\\Leuven, Belgium\\[email removed]
}
abstractThis article describes the {\tt mixrandregret} command, which extends the {\tt randregret} command introduced in gutierrez2021randregret (gutierrez2021randregret, The Stata Journal 21: 626–658) incorporating random coefficients for Random Regret Minimization models. The newly developed command {\tt mixrandregret} allows the inclusion of random coefficients in the regret function of the classical RRM model introduced in chorus2010new (chorus2010new, European Journal of Transport and Infrastructure Research 10: 181-196). The command allows the user to specify a combination of fixed and random coefficients. In addition, the user can specify normal and log-normal distributions for the random coefficients using the commands’ options. The models are fitted using simulated maximum likelihood using numerical integration to approximate the choice probabilities.
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aboutauthorsZiyue Zhu is a master student of statistics and data science at KU Leuven in Belgium. She earned a Bachelor of Economics from Wuhan University and a Master of Economics from Barcelona School of Economics.
Álvaro A. Gutiérrez-Vargas is a PhD student at the Research Centre of Operation Research and Statistics (ORSTAT) at KU Leuven in Belgium. He earned a Bachelor of Science in economics from the University of Chile. His research interests are mainly methodological and focused on computational statistics, machine learning, and discrete choice models. He has been published in The Stata Journal and Journal of Choice Modelling.
Martina Vandebroek is a full professor at the Faculty of Economics and Business at KU Leuven in Belgium. She earned a PhD in actuarial sciences from KU Leuven. She is interested in the design of experiments, discrete choice experiments, and multivariate statistics. She has been published in Transportation Research B, Journal of Choice Modelling, Marketing Science, and Journal of Statistical Software, among other journals.
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