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Extreme values, invariance and choice probabilities

Project Number: 208

Project Leader: Lars-Göran Mattsson

Start Date: 0000-00-00

End Date: 0000-00-00

Frågeställning Logit models provide an important econometric tool, not at least in transportation science and transport economics. These models are a work horse in many different applications. Ever since their derivations in the 1970s, among practitioners, it is widely believed that in order to analyze such situations, one needs to resort to particular parametric forms of the underlying probability distributions of the random variables. We show that this is not so. Indeed, parametric forms impose unnecessary theoretical and empirical constraints and may hide more general properties. For the special case of statistical independence, we further provide a characterization of the invariance property that all random variables, representing the relevant property of the alternatives, have the same distribution, conditional upon being chosen. From an applied point of view, the highlights that there are several economic models that can be fitted to empirical data, using different distri

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