Highlights Exploring the class of models assuming mixture distributions for random utilities or disutilities. Extension of the Combination of Random Utility Models (CoRUM) framework. Latent class structure with different utility specification, marginals, variance and correlation. Different classes of risk aversion, leveraging q-product GEV models. Special Weibull-based and qGumbel-based instances. Able to outperform other heteroskedastic closed-form RUM in-sample and out-of-sample.

    Abstract This paper investigates the class of random utility models (RUM) derived under the assumption of random utilities or disutilities following mixture distributions. We introduce a general framework embedding the models of Mattsson et al. (2014) and the q-product GEV model of while extending the investigations of Papola (2016). New closed-form models are obtained, with mixtures of covariance matrices, mathematical forms of utility (additive, multiplicative or in-between), variances of utilities (heteroscedasticity) and marginal distributions. The models are compared in two cross-validation exercises, based on a real dataset of travel mode preferences, outperforming existing heteroscedastic and homoscedastic closed-form models in terms of both in-sample and out-of-sample goodness of fit. The behavioural implications of the models are also discussed.


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    Titel :

    Closed-form random utility models with mixture distributions of random utilities: Exploring finite mixtures of qGEV models


    Beteiligte:
    Tinessa, Fiore (Autor:in)


    Erscheinungsdatum :

    2021-02-15


    Format / Umfang :

    27 pages




    Medientyp :

    Aufsatz (Zeitschrift)


    Format :

    Elektronische Ressource


    Sprache :

    Englisch




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