rmdcev

Kuhn-Tucker and Multiple Discrete-Continuous Extreme Value Models

Estimates and simulates Kuhn-Tucker demand models with individual heterogeneity. The package implements the multiple-discrete continuous extreme value (MDCEV) model and the 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. All models are implemented in 'Stan' (see Stan Development Team, 2019) <https://mc-stan.org/>. The package also implements demand forecasting (Pinjari and Bhat (2011) <https://repositories.lib.utexas.edu/handle/2152/23880>) and welfare calculation (Lloyd-Smith (2018) <doi:10.1016/j.jocm.2017.12.002>) for policy simulation. 'Stan' models can be estimated using either the 'cmdstanr' (default) or 'rstan' backend. If using 'cmdstanr', then user will need to install 'cmdstanr' manually <https://mc-stan.org/cmdstanr/>.

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