Incomplete Preferences in Choice Experiments: A note on avoidable noise and bias in welfare estimates
AbstractHow does a choice experiment (CE) model derived under standard preference axioms perform for respondents with incomplete preferences? Using simulated data, we show how such miss-specification results in unnecessary noise and bias in welfare estimates, and can be avoided.
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Bibliographic InfoPaper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2010-003.
Date of creation: 15 Jan 2010
Date of revision:
Choice experiment; Ordered Logit; Bias; Preference Axioms;
Find related papers by JEL classification:
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-30 (All new papers)
- NEP-DCM-2010-01-30 (Discrete Choice Models)
- NEP-ECM-2010-01-30 (Econometrics)
- NEP-EXP-2010-01-30 (Experimental Economics)
- NEP-UPT-2010-01-30 (Utility Models & Prospect Theory)
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