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Comparison of Discrete Choice Models for Economic Environmental Research

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  • Ondřej Vojáček
  • Iva Pecáková
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    Abstract

    In the paper the discrete choice models are discussed and applied based on empirical data. The main goal of the paper is to find out whether the various discrete choice models provide the analyst with the robust and reliable estimates of values of natural goods or values of changed quality of such goods. Our results indicate that the yielded value estimates using the choice experiment method and discrete choice models are applicable in expert support of decision-making on allocation of public resources to such goods, because they are stable and robust. These issues are investigated for the marginal willingness of Czech visitors to the Mácha Lake beaches to pay for the water quality and beach characteristics.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Prague Economic Papers.

    Volume (Year): 2010 (2010)
    Issue (Month): 1 ()
    Pages: 35-53

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    Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:1:id:363:p:35-53

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    Related research

    Keywords: welfare measure; random utility theory; public goods; discrete choice models; choice experiment;

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    References

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    1. Phaneuf, Daniel J. & Smith, V. Kerry, 2006. "Recreation Demand Models," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 15, pages 671-761 Elsevier.
    2. Hausman, Jerry A & Wise, David A, 1978. "A Conditional Probit Model for Qualitative Choice: Discrete Decisions Recognizing Interdependence and Heterogeneous Preferences," Econometrica, Econometric Society, vol. 46(2), pages 403-26, March.
    3. David Hensher & William Greene, 2003. "The Mixed Logit model: The state of practice," Transportation, Springer, vol. 30(2), pages 133-176, May.
    4. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521747387, October.
    5. Hensher,David A. & Rose,John M. & Greene,William H., 2005. "Applied Choice Analysis," Cambridge Books, Cambridge University Press, number 9780521605779, October.
    6. K. K. Lancaster, 2010. "A New Approach to Consumer Theory," Levine's Working Paper Archive 1385, David K. Levine.
    7. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
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