The flexible coefficient multinomial logit (FC‐MNL) model of demand for differentiated products
提出FC-MNL模型，能灵活匹配各类需求弹性，无需模拟估计，完全解析，且与效用最大化消费者理论一致，通过意大利新车需求数据展示应用。
We show FC‐MNL is flexible in the sense of Diewert ( ), thus its parameters can be chosen to match a well‐defined class of possible own‐ and cross‐price elasticities of demand. In contrast to models such as Probit and Random Coefficient‐MNL models, FC‐MNL does not require estimation via simulation; it is fully analytic. Under well‐defined and testable parameter restrictions, FC‐MNL is shown to be an unexplored member of McFadden's class of Multivariate Extreme Value discrete‐choice models. Therefore, FC‐MNL is fully consistent with an underlying structural model of heterogeneous, utility‐maximizing consumers. We provide a Monte‐Carlo study to establish its properties and we illustrate its use by estimating the demand for new automobiles in Italy.