We propose a demand estimation method that allows for a large number of zero- sale observations, rich unobserved heterogeneity, and endogenous prices. We do so by modeling small market sizes through Poisson arrivals. Each of these arriving consumers solves a standard discrete choice problem. We present a Bayesian IV estimation approach that addresses sampling error in product shares and scales well to rich data environments. The data requirements are traditional market-level data as well as a measure of market sizes or consumer arrivals. After presenting simulation studies, we demonstrate the method in an empirical application of air travel demand.

中文翻译：

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购买不频繁且市场规模较小的需求估算

我们提出了一种需求估计方法，该方法允许大量的零销售观察、丰富的未观察到的异质性和内生价格。我们通过泊松到达对小市场规模进行建模来实现这一点。每个到达的消费者都解决了一个标准的离散选择问题。我们提出了一种贝叶斯 IV 估计方法，该方法可以解决产品份额中的抽样误差问题，并可以很好地扩展到丰富的数据环境。数据要求是传统的市场级数据以及市场规模或消费者到达的衡量标准。在提出模拟研究后，我们在航空旅行需求的实证应用中展示了该方法。