Estimation and Welfare Analysis from Mixed Logit Models with Large Choice Sets

This technical article demonstrates an econometric approach that allows economists to apply individual choice models that account for differences in preferences to situations where the number of alternatives is large and previously, computationally intractable. The approach is demonstrated on a data set of recreational anglers who have over 500 fishing sites to choose between.

The article is available in the July 2018 issue of JEEM.