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Development of a recursive multinomial probit model and its possible application for innovation studies

  • Development of a recursive multinomial probit model and its possible application for innovation studies
  • Jeong, Gicheol
  • Seoul : Science and Technology Policy Institute
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Title Development of a recursive multinomial probit model and its possible application for innovation studies
Author Jeong, Gicheol
Publisher Seoul : Science and Technology Policy Institute
Publication Date 2011 -06
Material Type Article
Country South Korea Holding Science and Technology Policy Institute
Language English License
Pages 10

Abstract

This paper develops a recursive multinomial probit model and describes its estimation method. The recursive multinomial probit model is an extension of a recursive bivariate probit model. The main difference between the two models is that a single decision among two or more alternatives can be considered in each choice equation in the proposed model. The recursive multinomial probit model is developed based on a standard framework of the multinomial probit model and a Bayesian approach with a Gibbs sampling is adopted for the estimation. The simulation exercise with artificial data sets is showed that the model performed well. Since the recursive multinomial probit model can be applied to analyze the causal relationship between discrete dependent variables with more than two outcomes, the model can play an important role in extending the methodology of the causal relationship analysis in innovation research.

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