MULTINOMIAL PROBIT AND QUALITATIVE CHOICE: A COMPUTATIONALLY EFFICIENT ALGORITHM.

The authors emphasize that even though multinomial probit models have many attractive theoretical features and have been proposed for diverse choice problems (such as modal split and route choice in the transportation field), they have not been used in practice due to the lack of an adequate numerical technique for their application. The purpose of this paper is to introduce such a technique and to demonstrate the feasibility of forecasting with multinominal probit models.