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Analysing Preference Heterogeneith using Random Parameter Logit and Latent Class Modelling Techniques

Author

Listed:
  • Stephen Hynes
  • Nick Hanley

    (Department of Economics, National University of Ireland, Galway)

Abstract

Multi-attribute revealed preference data is used to investigate the heterogeneity of tastes in a sample of kayakers, in relation to eleven whitewater sites in Ireland. The paper focuses on a comparison of the analysis of preference heterogeneity using a random parameter logit model and a latent class model. We assess and contrast the evidence for the presence of a finite number of 2, 3, 4 and 5 latent preference groups (classes), and contrast these with the presence of a continuous distribution of parameter estimates using the random parameter logit model. Welfare estimates associated with changes in the attributes of particular whitewater sites are also presented, and are found to vary considerably depending on the approach taken..

Suggested Citation

  • Stephen Hynes & Nick Hanley, 2005. "Analysing Preference Heterogeneith using Random Parameter Logit and Latent Class Modelling Techniques," Working Papers 0091, National University of Ireland Galway, Department of Economics, revised 2005.
    • Handle: RePEc:nig:wpaper:0091
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    File Function: Revised version, 2005
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    More about this item

    Keywords

    Whitewater kayaking; random parameter logit; latent class models; preference heterogeneity.;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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