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Using Stated-Preference Questions to Investigate Variations in Willingness to Pay for Preserving Marble Monuments: Classic Heterogeneity, Random Parameters, and Mixture Models

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  • Edward Morey
  • Kathleen Greer Rossmann

Abstract

This paper investigates heterogeneity in the preferences/WTP (willingness to pay) to preserve marble monuments in Washington, D.C. This is done in the context of three different discrete-choice random-utility models. The main focus is to estimate a mixture model of choices over preservation programs. This model captures the best features of random-parameters models and models that assume preference parameters are deterministic functions of observable characteristics of the individual. The mixture model, and it alone, predicts that increased preservation is a bad for a significant proportion of young, non-Caucasians. That some proportion of the population might consider preservation a bad is a contingency that should be planned for in efforts to value cultural resources. Data and computer code are available athttp://www.colorado.edu/economics/morey/dataset.html. Copyright Kluwer Academic Publishers 2003

Suggested Citation

  • Edward Morey & Kathleen Greer Rossmann, 2003. "Using Stated-Preference Questions to Investigate Variations in Willingness to Pay for Preserving Marble Monuments: Classic Heterogeneity, Random Parameters, and Mixture Models," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 215-229, November.
    • Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:215-229
    DOI: 10.1023/A:1026365125898
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