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Econometric Issues In Estimating Consumer Preferences From Stated Preference Data: A Case Study Of The Value Of Automobile Travel Time

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Author Info
John Calfee
Clifford Winston
Randolph Stempski

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Abstract

This paper explores a number of methodological issues related to the econometric analysis of stated preference data in the context of estimating the value of automobile travel time. Estimates of parameters and the willingness to pay (WTP) to save time are obtained using conventional ordered probit and rank-ordered logit models and an innovation called mixed logit. We find that the average WTP is low and does not exhibit much variation among motorists. Although our findings using data on respondents' rankings of alternatives are robust, we find that caution should be used in estimating stated preferences based on respondents' ratings. © 2001 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog

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Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 83 (2001)
Issue (Month): 4 (November)
Pages: 699-707
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Handle: RePEc:tpr:restat:v:83:y:2001:i:4:p:699-707

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  1. Yeonbae Kim & Jeong-Dong Lee & Daeyoung Koh, 2005. "Effects of consumer preferences on the convergence of mobile telecommunications devices," Applied Economics, Taylor and Francis Journals, vol. 37(7), pages 817-826, April. [Downloadable!] (restricted)
  2. De Borger B. & Mogens F., 2006. "Discrete choices and the trade off between money and time: Another test of the theory of reference dependent preferences," Working Papers 2006034, University of Antwerp, Faculty of Applied Economics. [Downloadable!]
  3. Chul-Yong Lee & Jongsu LEE, 2009. "Demand Forecasting in the Early Stage of the Technology's Life Cycle Using Bayesian update," Discussion Papers 200903, Seoul National University, Technology Management, Economics and Policy Program(TEMEP), revised Apr 2009. [Downloadable!]
  4. Yeonbae Kim & Yuri Park & Jeong-Dong Lee & Jongsu Lee, 2006. "Using stated-preference data to measure the inconvenience cost of spam among Korean E-mail users," Applied Economics Letters, Taylor and Francis Journals, vol. 13(12), pages 795-800, October. [Downloadable!] (restricted)
  5. Kenneth A. Small & Clifford Winston & Jia Yan, 2005. "Differentiated Road Pricing, Express Lanes and Carpools: Exploiting Heterogeneous Preferences in Policy Design," Working Papers 050616, University of California-Irvine, Department of Economics, revised Mar 2006. [Downloadable!]
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