The role of the reference alternative in the specification of asymmetric discrete choice models
AbstractWithin the discrete choice modelling literature, there has been growing interest in including reference alternatives within stated choice survey tasks. Recent studies have investigated asymmetric utility specifications by estimating discrete choice models that include different parameters according to gains and losses relative to the values of the reference attributes. This paper analyses asymmetric discrete choice models by comparing specifications expressed as deviations from the reference point and specifications expressed in absolute values. The results suggest that the selection of the appropriate asymmetric model specification should be based on the type of the stated choice experiment.
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Bibliographic InfoPaper provided by USI Università della Svizzera italiana in its series Quaderni della facoltà di Scienze economiche dell'Università di Lugano with number 1104.
Length: 14 pages
Date of creation: Jan 2011
Date of revision:
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Web page: https://www.bul.sbu.usi.ch
stated choice experiments; reference alternative; preference asymmetry; willingness to pay;
Find related papers by JEL classification:
- C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-26 (All new papers)
- NEP-DCM-2011-02-26 (Discrete Choice Models)
- NEP-ECM-2011-02-26 (Econometrics)
- NEP-UPT-2011-02-26 (Utility Models & Prospect Theory)
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