Modifying willingness to pay estimates where respondents mis-report their preferences
AbstractThe likelihood for the Logit model is modified, so as to take account of uncertainty associated with mis-reporting in stated preference experiments estimating willingness to pay (WTP). Monte Carlo results demonstrate the bias imparted to estimates where there is mis-reporting. The approach is applied to a data set examining consumer preferences for food produced employing a nonpesticide technology. Our modified approach leads to WTP that are substantially downwardly revised.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 15 (2008)
Issue (Month): 5 ()
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Web page: http://www.tandfonline.com/RAEL20
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- Hole, Arne Risa & Kolstad, Julie Riise, 2010.
"Mixed logit estimation of willingness to pay distributions: a comparison of models in preference and WTP space using data from a health-related choice experiment,"
Working Papers in Economics
03/10, University of Bergen, Department of Economics.
- Arne Hole & Julie Kolstad, 2012. "Mixed logit estimation of willingness to pay distributions: a comparison of models in preference and WTP space using data from a health-related choice experiment," Empirical Economics, Springer, vol. 42(2), pages 445-469, April.
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