• Title/Summary/Keyword: Logit Models

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The Determinants of Accessibility of Financial Services in Vietnam

  • TRINH, Thi Thuy Hong;NGUYEN, Hoang Phong
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.3
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    • pp.1143-1152
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    • 2021
  • The study aims to assess the impact of factors on the access to financial services by Vietnamese farmers. The number of respondents in this study is 402 household heads participating in six diverse agricultural value chains in Vietnam. The explanatory variables of the Multinomial Logit model estimates variables at the individual characteristics while the Mixed Logit model can combine the two types of variables together to estimate the effects simultaneously. On the other hand, the Ordinal Logit model is used to evaluate the determinants of the increase in the quantity of financial services used by individuals. The estimation results show that male-headed households have more access to financial services than females. Younger farmers are more likely to use formal financial services than the elderly. Financial literacy, land ownership, and shocks in agricultural production all have a positive impact on the probability of dealing with banks. In addition, the degree of linkage and credibility of the value chain have a significant positive impact on the accessibility of financial services to farmers. The findings of this study suggest that limiting gender inequality, focusing on youth marketing and developing agricultural value chains will have a positive impact on farmers' access to financial services.

Development of Mode Choice Model and Applications Considering Connectivity of Express Way (고속도로 연계성을 반영한 고속철도 수단선택모형 개발 및 적용)

  • Cho, Hang-Ung;Chung, Sung-Bong;Kim, Si-Gon;Oh, Jae-Hak
    • Journal of the Korean Society for Railway
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    • v.14 no.4
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    • pp.383-389
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    • 2011
  • Until now, in planning and constructing KTX and the Express Way, the connectivity and transfer between these facilities have not been considered. In this study the effect of mode choice behavior by connecting KTX and the Express Way is analyzed through estimating Multinomial Logit Model and Binary Logit Model. The SP and RP surveys to develop these models were carried out and the data were selected from the passengers using the KTX station, Express Bus Terminals and Rest Areas in the Express Way. To test the effect of connectivity and transfer in the field, the case study for Dongtan KTX station was carried out. According to the results, connecting the KTX station and the Express Way has the effect of increasing the demand by 30%. And this is caused by saving about 120 minutes of traveling time from Seoul to Pusan. This study shows that the connectivity and transfer can increase the efficiency of transportation system and the improvement in the mobility and accessibility will maximize the usages of these two facilities.

Development and Application of the Heteroscedastic Logit Model (이분산 로짓모형의 추정과 적용)

  • 양인석;노정현;김강수
    • Journal of Korean Society of Transportation
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    • v.21 no.4
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    • pp.57-66
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    • 2003
  • Because the Logit model easily calculates probabilities for choice alternatives and estimates parameters for explanatory variables, it is widely used as a traffic mode choice model. However, this model includes an assumption which is independently and identically distributed to the error component distribution of the mode choice utility function. This paper is a study on the estimation of the Heteroscedastic Logit Model. which mitigates this assumption. The purpose of this paper is to estimate a Logit model that more accurately reflects the mode choice behavior of passengers by resolving the homoscedasticity of the model choice utility error component. In order to do this, we introduced a scale factor that is directly related to the error component distribution of the model. This scale factor was defined so as to take into account the heteroscedasticity in the difference in travel time between using public transport and driving a car, and was used to estimate the travel time parameter. The results of the Logit Model estimation developed in this study show that Heteroscedastic Logit Models can realistically reflect the mode choice behavior of passengers, even if the difference in travel time between public and private transport remains the same as passenger travel time increases, by identifying the difference in mode choice probability of passengers for public transportation.

Analysis on the Accident Factors of Pedestrian Accident Severity in Roundabout Near School (학교와 인접한 회전교차로 보행자 사고심각도 영향요인 분석)

  • Son, Seul Ki;Park, Byung Ho
    • Journal of the Korean Society of Safety
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    • v.33 no.3
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    • pp.71-76
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    • 2018
  • The purpose of this study is to analyze the factors affecting the roundabout accidents near schools. This study gives particular attentions discussing characteristics by pedestrian accident severity using the ordered logit models. In pursuing the above, 63 roundabouts installed before 2014 are surveyed for modeling. the traffic accident data from 2014 to 2016 are collected from TAAS data set of Road Traffic Authority. Such 35variables explaining the accidents as environment, human, geometries, school and roundabout factor are selected from literature reviews. The main results are as follows. First, the ordered logit models (${\rho}^2$ of 0.272, $x^2$ of 24.723) which is statistically significant have been developed. Second, environment factor variable is analyzed to be day or night ($X_1$ ), human factor variables are evaluated to be driver gender($X_4$), older driver($X_5$), pedestrian gender($X_7$) and children pedestrian($X_8$ ). Third, geometries factor variable are analyzed to be speed limit sign($X_{16}$) and median barrier($X_{21}$), school factor variables are evaluated to be hump-type crosswalk($X_{25}$), CCTV($X_{26}$) and school zone sign($X_{27}$), roundabout factor are analyzed to be roundabout sign($X_{30}$) and number of circulatory roadway lane($X_{32}$). Finally, this study could give some implications to decreasing the accidents severity at roundabout near schools.

Using Mixed Logit Model and Latent Class Model to Analyze Preference Heterogeneity in Choice Experiment Data (선택실험법 자료에서의 선호이질성 분석을 위한 혼합로짓모형 및 잠재계층모형의 활용)

  • Yoo, Byong Kook
    • Environmental and Resource Economics Review
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    • v.21 no.4
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    • pp.921-945
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    • 2012
  • Conditional Logit (CL) model is widely used since its model estimation and interpretation of results of the model is relatively easy, on the other hand, it has the limit of preference heterogeneity of respondents being not fully considered. In this study we used the two models, Mixed Logit (ML) Model and Latent Class Model (LCM) to explain preference heterogeneity of respondents for protection for Boryeong Dam wetland. As a result of the examination for heterogeneity in Boryeong city and six metropolitan areas, we found there was significant difference between two regions. While there was explicit preference heterogeneity within respondents in Boryeong city, we found little heterogeneity within respondents in six metropolitan areas. Thus in the case of six metropolitan areas, CL model can be used for parameter estimation while in the case of Boryeong city, WTP estimates are based on parameter estimates from ML model to reflect the heterogeneity within respondents. Additionally, ML model with interaction and 2-class LCM for respondents in Boryeong city were used to explain the sources of the heterogeneity. The ML model with interaction has advantage of explaining individual unobserved heterogeneity. However The comarison between these two models reflects the fact that LCM provided added information that was not conveyed in the ML model with interaction. Thus, Preference heterogeneity within respondents in this study may be better explained by class level through LCM rather than indiviual level through ML model.

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A Stochastic Transit Assignment Model on Railway Network (철도 네트워크에서의 확률적 통행 배정 모형 연구)

  • Park, Bum-Hwan;Kim, Chung-Soo;Rho, Hag-Lae
    • Proceedings of the KSR Conference
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    • 2010.06a
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    • pp.1222-1230
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    • 2010
  • This study is about developing a transit assignment model on railway network. Current transit assignment models are mainly focused on road or urban transportation so that these models, for example, transit assignment model based on optimal strategy generates unrealistic transit assignment. Especially, since the advent of KTX, more passengers are using the transfer route containing KTX but most transit assignment models have a shortcoming that transfer is not considered or is overestimated. We present a new stochastic transit assignment model based on LOGIT considering transfer resistance.

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A study on logit choice probability model taking into account the problems of common-nodes and common-links (노드중복과 링크중복문제를 고려한 로짓선택확률의 비교연구)

  • 백승걸;임용택;임강원
    • Journal of Korean Society of Transportation
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    • v.18 no.2
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    • pp.63-71
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    • 2000
  • One Problem of the choice Property in logit model is interpreted as the Problem of common links and common nodes in choice set. Common node Problem Plays important role in deciding the efficiency of network loading and common link problem is connected with choice Problem, both of which are to be solved to improve the logit choice model. Although much need has been pointed out for research on the topic, however, no Paper as yet considers these two factors at the same time. In the Paper we develop a new logit formulation, which is able to ease the logit Problem, widely known as the Problem of IIA(Independence of Irrelevant Alternatives). An example network is used to assess the Proposed model and compare it with other conventional models. From the results, we find out that the model is superior to others.

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The Prediction of Export Credit Guarantee Accident using Machine Learning (기계학습을 이용한 수출신용보증 사고예측)

  • Cho, Jaeyoung;Joo, Jihwan;Han, Ingoo
    • Journal of Intelligence and Information Systems
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    • v.27 no.1
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    • pp.83-102
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    • 2021
  • The government recently announced various policies for developing big-data and artificial intelligence fields to provide a great opportunity to the public with respect to disclosure of high-quality data within public institutions. KSURE(Korea Trade Insurance Corporation) is a major public institution for financial policy in Korea, and thus the company is strongly committed to backing export companies with various systems. Nevertheless, there are still fewer cases of realized business model based on big-data analyses. In this situation, this paper aims to develop a new business model which can be applied to an ex-ante prediction for the likelihood of the insurance accident of credit guarantee. We utilize internal data from KSURE which supports export companies in Korea and apply machine learning models. Then, we conduct performance comparison among the predictive models including Logistic Regression, Random Forest, XGBoost, LightGBM, and DNN(Deep Neural Network). For decades, many researchers have tried to find better models which can help to predict bankruptcy since the ex-ante prediction is crucial for corporate managers, investors, creditors, and other stakeholders. The development of the prediction for financial distress or bankruptcy was originated from Smith(1930), Fitzpatrick(1932), or Merwin(1942). One of the most famous models is the Altman's Z-score model(Altman, 1968) which was based on the multiple discriminant analysis. This model is widely used in both research and practice by this time. The author suggests the score model that utilizes five key financial ratios to predict the probability of bankruptcy in the next two years. Ohlson(1980) introduces logit model to complement some limitations of previous models. Furthermore, Elmer and Borowski(1988) develop and examine a rule-based, automated system which conducts the financial analysis of savings and loans. Since the 1980s, researchers in Korea have started to examine analyses on the prediction of financial distress or bankruptcy. Kim(1987) analyzes financial ratios and develops the prediction model. Also, Han et al.(1995, 1996, 1997, 2003, 2005, 2006) construct the prediction model using various techniques including artificial neural network. Yang(1996) introduces multiple discriminant analysis and logit model. Besides, Kim and Kim(2001) utilize artificial neural network techniques for ex-ante prediction of insolvent enterprises. After that, many scholars have been trying to predict financial distress or bankruptcy more precisely based on diverse models such as Random Forest or SVM. One major distinction of our research from the previous research is that we focus on examining the predicted probability of default for each sample case, not only on investigating the classification accuracy of each model for the entire sample. Most predictive models in this paper show that the level of the accuracy of classification is about 70% based on the entire sample. To be specific, LightGBM model shows the highest accuracy of 71.1% and Logit model indicates the lowest accuracy of 69%. However, we confirm that there are open to multiple interpretations. In the context of the business, we have to put more emphasis on efforts to minimize type 2 error which causes more harmful operating losses for the guaranty company. Thus, we also compare the classification accuracy by splitting predicted probability of the default into ten equal intervals. When we examine the classification accuracy for each interval, Logit model has the highest accuracy of 100% for 0~10% of the predicted probability of the default, however, Logit model has a relatively lower accuracy of 61.5% for 90~100% of the predicted probability of the default. On the other hand, Random Forest, XGBoost, LightGBM, and DNN indicate more desirable results since they indicate a higher level of accuracy for both 0~10% and 90~100% of the predicted probability of the default but have a lower level of accuracy around 50% of the predicted probability of the default. When it comes to the distribution of samples for each predicted probability of the default, both LightGBM and XGBoost models have a relatively large number of samples for both 0~10% and 90~100% of the predicted probability of the default. Although Random Forest model has an advantage with regard to the perspective of classification accuracy with small number of cases, LightGBM or XGBoost could become a more desirable model since they classify large number of cases into the two extreme intervals of the predicted probability of the default, even allowing for their relatively low classification accuracy. Considering the importance of type 2 error and total prediction accuracy, XGBoost and DNN show superior performance. Next, Random Forest and LightGBM show good results, but logistic regression shows the worst performance. However, each predictive model has a comparative advantage in terms of various evaluation standards. For instance, Random Forest model shows almost 100% accuracy for samples which are expected to have a high level of the probability of default. Collectively, we can construct more comprehensive ensemble models which contain multiple classification machine learning models and conduct majority voting for maximizing its overall performance.

Inherent Random Heterogeneity Logit Model for Stated Preference Freight Mode Choice (SP 화물수단선택을 위한 Inherent Random Heterogeneity 로짓 모형 연구)

  • KIM, Kang-Soo
    • Journal of Korean Society of Transportation
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    • v.20 no.3
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    • pp.83-92
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    • 2002
  • Freight mode choice models are essential to the analysis of many areas of transport research. However, observations of actual market choices have only been made in a limited number of situations. Therefore, stated preference(SP) techniques have emerged as an alternative source of actual market choices to be used for estimating freight mode choice models. Considerable confidence exists about SP data, but little consideration has been given to the potential for estimation bias. This paper has been motivated by the theoretical side of estimating SP discrete choice models, focusing on a case study of freight mode choice. Recently developed simulation methods are used to construct inherent random heterogeneity legit models, which consider individual heterogeneity, its inheritance to the next choices and overcome the independence from irrelevant alternatives (IIA) property. This Paper contributes to the development of models dealing with heterogeneity and its inheritance, and sheds light on the heterogeneity of freight transport.

An analysis of the effects of Japan's nuclear power plant accident on Korean consumers' response to imported food consumption

  • Gim, Uhn-Soon;Baek, Kyung-Mi
    • Korean Journal of Agricultural Science
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    • v.44 no.4
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    • pp.620-635
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    • 2017
  • This study was intended to identify the main factors responsible for the decline in purchase of imported agricultural and fish products after Japan's nuclear power plant accident in 2011 and to compare the effects on imported agricultural produce and imported fish products. Logit model and multiple regression model analyses were performed using consumers' survey data. Psychological and qualitative factors reflecting consumers' food safety awareness and purchasing preferences, which were extracted by Factor analysis, were included as the models' explanatory variables, along with socio-demographic and economic factors. The Logit estimation showed aged, married, and low-income households had significantly higher probability of reducing their purchases of imported agricultural and fish products. However, the multiple regression results pointed out that the actual rate of decrease of imported agricultural and fish products purchases were more significantly affected by non-socio demographic factors such as past experience of purchasing imported agricultural and fish products, future intention to purchasing Japanese agricultural and fish products, and the ratio of imported to domestic agricultural and fish products before the nuclear accident, as well as consumers' feeling of food insecurity and their purchasing preferences. Moreover, the results showed that Korean consumers have reacted more sensitively to the decline in imported fish products than imported agricultural produce after the nuclear accident based on the marginal effects of various socio-demographic and economic factors.