A Review of Stated Choice Method
AbstractThis paper reviews Stated Choice Method (SCM), paying particular attentions on its theoretical background, application, empirical models, experimental design, and procedure to execute. The review suggests that comparing to other stated preference (SP) methods, SCM has a major advantage that it meets the objective of a stated preference analysis to simulate actual consumer behavior by allowing simultaneous evaluations of a number of alternatives or a choice between alternatives. Some advanced models based on the degrees of relaxation of the Independently and Identically Distributed (IID) assumption on error terms are introduced. More complex model seems to be more plausible than relatively simple specifications. Two tests for nested and non-nested models are also discussed to help judge that one model is superior to another model. Finally, this paper introduces the procedure of executing a Stated Choice (SC) experiment.
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Bibliographic InfoPaper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 05-27.
Length: 23 pages
Date of creation: Oct 2005
Date of revision:
Stated Choice Method (SCM); Stated Preference (SP) method; Independent and Identical Distribution (IID); Extreme Value type I (EV1) distribution;
Find related papers by JEL classification:
- C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-10-08 (All new papers)
- NEP-DCM-2005-10-08 (Discrete Choice Models)
- NEP-ECM-2005-10-08 (Econometrics)
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