Bayesian estimation of a discrete choice model for household labor supply in Austria
Sprache des Vortragstitels:
EU-SILC und Mikrozensus Nutzerinnen- und Nutzerkonferenz 2013
Sprache des Tagungstitel:
Our work considers Bayesian estimation of a discrete choice model for household labor supply in Austria which provides a basis for a microsimulation approach. We estimate a very flexible multinomial logit model allowing for fixed and random effects as well as choice and unit specific covariates. To perform Markov Chain Monte Carlo (MCMC) sampling we rewrite the multinomial logit model as an augmented model which involves some latent variables called random utilities. The parameters appearing in the regression model are estimated by using a data-augmented independence Metropolis-Hastings sampler.