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Valuing Bundled Attributes: A Latent Characteristics Approach

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  • Linwood H. Pendleton
  • J. Scott Shonkwiler

Abstract

Lancaster wrote that attributes of goods may combine to produce characteristics that are the primary units of consumption (1966). Often, the attributes of goods are bundled and cannot be separated. We show that if attributes are technically bundled then valuation analyses that treat these attributes as independent will be wrong. We show that a latent characteristics approach improves upon other methods by incorporating more information about attributes than standard methods and by directly modeling the linkages among attributes. For the case of wilderness hiking, the latent approach provides a statistically better model of site choice than other standard methods.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 77 (2001)
Issue (Month): 1 ()
Pages: 118-129

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Handle: RePEc:uwp:landec:v:77:y:2001:i:1:p:118-129

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Web page: http://le.uwpress.org/

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Cited by:
  1. Concu, Giovanni B. & Schilizzi, Steven, 2002. "The Rold of Speace in Environmental Valuation," 2002 Conference (46th), February 13-15, 2002, Canberra, Australian Agricultural and Resource Economics Society 125072, Australian Agricultural and Resource Economics Society.
  2. Rimal, Arbindra & Moon, Wanki & Balasubramanian, Siva K., 2008. "Changes in Soy Based Food Consumption, 2001 and 2007," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas, Southern Agricultural Economics Association 6888, Southern Agricultural Economics Association.
  3. Baltas, George & Saridakis, Charalampos, 2013. "An empirical investigation of the impact of behavioural and psychographic consumer characteristics on car preferences: An integrated model of car type choice," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 54(C), pages 92-110.
  4. Vredin Johansson, Maria & Heldt, Tobias & Johansson, Per, 2006. "The effects of attitudes and personality traits on mode choice," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 40(6), pages 507-525, July.
  5. Concu, Giovanni B. & Schilizzi, Steven, . "The Rold of Space in Environmental Valuation," 2002 Conference (46th), February 13-15, 2002, Canberra, Australian Agricultural and Resource Economics Society 125074, Australian Agricultural and Resource Economics Society.
  6. Di Ciommo, Floridea & Monzón, Andrés & Fernandez-Heredia, Alvaro, 2013. "Improving the analysis of road pricing acceptability surveys by using hybrid models," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 49(C), pages 302-316.

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