Ching, Andrew; Imai, Susumu; Ishihara, Masakazu; Jain, … - Economics Department, Queen's University - 2009
This paper provides a step-by-step guide to estimating discrete choice dynamic programming (DDP) models using the … Bayesian Dynamic Programming algorithm developed by Imai Jain and Ching (2008) (IJC). The IJC method combines the DDP solution … information obtained in the past iterations remains unused in the current iteration. In contrast, the Bayesian Dynamic Programming …