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A Choice Model with Systematic Structures in Decision Weights

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  • Hu, Wuyang

Abstract

This article introduces a discrete choice model which incorporates a nonlinear structural adjustment to the standard utility coefficients or decision weights. The proposed model is theoretically and empirically appealing when compared to several alternative approaches, and it can be estimated by conventional maximum likelihood. Application of the proposed model in a case study shows that it outperforms two competing approaches in model fit. Given its simplicity, this model is also capable of revealing consumers' heterogeneous choices. It is shown that based on consumers' different characteristics, their product choice and its welfare implications are also potentially different.

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File URL: http://purl.umn.edu/7076
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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 32 (2007)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:jlaare:7076

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Web page: http://waeaonline.org/
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Related research

Keywords: logit models; stated choice; structural adjustment; weights; Demand and Price Analysis;

References

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  1. Wuyang Hu & Michele Veeman & Wiktor Adamowicz & Ge Gao, 2006. "Consumers' Food Choices with Voluntary Access to Genetic Modification Information," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 54(4), pages 585-604, December.
  2. Wuyang Hu & Wiktor L. Adamowicz & Michele M. Veeman, 2006. "Labeling Context and Reference Point Effects in Models of Food Attribute Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 1034-1049.
  3. Edward Morey & Jennifer Thacher & William Breffle, 2006. "Using Angler Characteristics and Attitudinal Data to Identify Environmental Preference Classes: A Latent-Class Model," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 34(1), pages 91-115, 05.
  4. DeShazo, J. R. & Fermo, German, 2002. "Designing Choice Sets for Stated Preference Methods: The Effects of Complexity on Choice Consistency," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 123-143, July.
  5. Lusk, Jayson L. & Jamal, Mustafa & Kurlander, Lauren & Roucan, Maud & Taulman, Lesley, 2005. "A Meta-Analysis of Genetically Modified Food Valuation Studies," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(01), April.
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