1 Car - - - - 2 Cars - - 1.2481 4.183 3 Cars - - - - ≥ Log-likelihood at zero -7233.68 -7233.68 Log-likelihood at sample shares -5964.82 -5964.82 Log-likelihood at convergence -3568.07 -3481.08 Log-likelihood at convergence of -3647.70 -3619.15 traditional OL and MNL Log-likelihood at convergence of traditional OL and MNL with -3641.60 -3607.67 interaction terms Note: - denotes variables which are not significant. Also, the coefficient estimates across different alternatives are constrained to be same when the effects are not significantly different. TABLE 4 Measures of fit in the validation sample (N = 1326) DISAGGREGATE MEASURES OF FIT Summary Statistic LSOL II LSMNL II Log-likelihood at zero -1838.23 -1838.23 Log-likelihood at sample shares -1489.29 -1489.29 Predictive log-likelihood -877.91 -852.71 Number of observations 1326 1326 Number of parameters estimated 19 30 Predictive adjusted likelihood ratio index 0.398 0.407 AGGREGATE MEASURES OF FIT Predictions Car Ownership Levels/ Measures of Actual Shares fit LSOL II LSMNL II 0 car 10.1 10.7 10.9 1car 46.7 45.8 45.1 2 cars 37.3 36.4 37.3 3 cars 6.0 6.9 6.7 ≥ RMSE - 0.83 0.88
1 Car - - - - 2 Cars - - 1.2481 4.183 ≥ 3 Cars - - - - Log-likelihood at zero -7233.68 -7233.68 Log-likelihood at sample shares -5964.82 -5964.82 Log-likelihood at convergence -3568.07 -3481.08 Log-likelihood at convergence of traditional OL and MNL -3647.70 -3619.15 Log-likelihood at convergence of traditional OL and MNL with interaction terms -3641.60 -3607.67 Note: - denotes variables which are not significant. Also, the coefficient estimates across different alternatives are constrained to be same when the effects are not significantly different. TABLE 4 Measures of fit in the validation sample (N = 1326) DISAGGREGATE MEASURES OF FIT Summary Statistic LSOL II LSMNL II Log-likelihood at zero -1838.23 -1838.23 Log-likelihood at sample shares -1489.29 -1489.29 Predictive log-likelihood -877.91 -852.71 Number of observations 1326 1326 Number of parameters estimated 19 30 Predictive adjusted likelihood ratio index 0.398 0.407 AGGREGATE MEASURES OF FIT Car Ownership Levels/ Measures of fit Actual Shares Predictions LSOL II LSMNL II 0 car 10.1 10.7 10.9 1car 46.7 45.8 45.1 2 cars 37.3 36.4 37.3 ≥ 3 cars 6.0 6.9 6.7 RMSE - 0.83 0.88
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