Kuhn-Tucker and Multiple Discrete-Continuous Extreme Value Model Estimation and Simulation in R: The rmdcev Package
Date
2020
Authors
Lloyd-Smith, Patrick
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The R Foundation
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Article
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Abstract
This paper introduces the package rmdcev in R for estimation and simulation of Kuhn-Tucker demand models with individual heterogeneity. The models supported by rmdcev are the multiple-discrete continuous extreme value (MDCEV) model and Kuhn-Tucker specification common in the environmental economics literature on recreation demand. Latent class and random parameters specifications can be implemented and the models are fit using maximum likelihood estimation or Bayesian estimation. The rmdcev package also implements demand forecasting and welfare calculation for policy simulation. The purpose of this paper is to describe the model estimation and simulation framework and to demonstrate the functionalities of rmdcev using real datasets.
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Keywords
rmdcev, R programming, Kuhn-Tucker demand model, multiple-discrete continuous extreme value (MDCEV) model, policy simulation
Citation
lloyd-smith (2020). Kuhn-Tucker and Multiple Discrete-Continuous Extreme Value Model Estimation and Simulation in R: The rmdcev Package. The R Journal, Vol. 12/2. ISSN 2073-4859
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Citation
lloyd-smith (2020). Kuhn-Tucker and Multiple Discrete-Continuous Extreme Value Model Estimation and Simulation in R: The rmdcev Package. The R Journal, Vol. 12/2. ISSN 2073-4859