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Joint Decisions in Residential Choice

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thesis
posted on 08.12.2021, 19:24 by Johnsen, Edward

Economic agents frequently make joint decisions, which often require a compromise by some or all of the participants. We propose an econometric model in which groups of agents make a joint decision; each agent has preferences modelled using a combination of multi-nominal logit and conditional logit parts. We combine these marginal preferences to create a joint set of probabilities of the group making a particular choice, which enables parameter estimation by maximum likelihood. We can also make the weight applied to an individual agents preferences depend on characteristics of the agent or group. To demonstrate the use of the model, data is obtained from the New Zealand Household Travel Survey. We estimate our model to show how households might make the joint decision of where to live, given that different household members have different work locations.

History

Copyright Date

01/01/2020

Date of Award

01/01/2020

Publisher

Te Herenga Waka—Victoria University of Wellington

Rights License

Author Retains Copyright

Degree Discipline

Economics

Degree Grantor

Te Herenga Waka—Victoria University of Wellington

Degree Level

Masters

Degree Name

Master of Commerce

ANZSRC Type Of Activity code

1 PURE BASIC RESEARCH

Victoria University of Wellington Item Type

Awarded Research Masters Thesis

Language

en_NZ

Victoria University of Wellington School

School of Economics and Finance

Advisors

Saglam, Yigit; Daglish, Toby