Willingness-to-pay estimation with mixed logit models: some new evidence
AbstractMixed-logit models are currently the state of the art in discrete-choice modelling, and their estimation in various forms (in particular, mixing revealed-preference and stated-preference data) is becoming increasingly popular. Although the theory behind these models is fairly simple, the practical problems associated with their estimation with empirical data are still relatively unknown and certainly not solved to everybody's satisfaction. In this paper we use a stated-preference dataset -- previously used to derive willingness to pay for reduction in atmospheric pollution and subjective values of time -- to estimate random parameter mixed logit models with different estimation methods. We use our results to discuss in some depth the problems associated with the derivation of willingness to pay with this class of models.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Pion Ltd, London in its journal Environment and Planning A.
Volume (Year): 37 (2005)
Issue (Month): 3 (March)
Contact details of provider:
Web page: http://www.pion.co.uk
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Neil Hammond).
If references are entirely missing, you can add them using this form.