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An approach to the estimation of the distribution of marginal valuations from discrete choice data

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Author Info
Fosgerau, Mogens
Hjort, Katrine
Vincent Lyk-Jensen, Stéphanie

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Abstract

Models such as the mixed logit are often used to measure the distribution of the marginal value of a good based on discrete choice panel data. There are however serious specification and identification issues that are rarely addressed. The consequences for results may be dramatic. This paper points out the issues and presents an approach to dealing with them that may be applied under some circumstances. The issues and the approach are illustrated using a dataset designed to measure the value of travel time.

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File URL: http://mpra.ub.uni-muenchen.de/3907/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3907.

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Date of creation: 04 Jul 2007
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Handle: RePEc:pra:mprapa:3907

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Related research
Keywords: Discrete choice valuation mixed logit

Find related papers by JEL classification:
C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models
R41 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Transportation: Demand, Supply, and Congestion
C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Semiparametric and Nonparametric Methods
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470. [Downloadable!]
  2. Mogens Fosgerau, 2004. "Investigating the distribution of the value of travel time savings," Urban/Regional 0411006, EconWPA. [Downloadable!]
    Other versions:
  3. Mogens Fosgerau & Michel Bierlaire, 2005. "A practical test for the choice of mixing distribution in a discrete choice model," Econometrics 0512002, EconWPA. [Downloadable!]
  4. Kenneth Train, 2003. "Discrete Choice Methods with Simulation," Online economics textbooks, SUNY-Oswego, Department of Economics, number emetr2, Julio-Dic. [Downloadable!]
  5. Cameron, Trudy Ann, 1988. "A new paradigm for valuing non-market goods using referendum data: Maximum likelihood estimation by censored logistic regression," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 355-379, September. [Downloadable!] (restricted)
  6. Train, K. & Weeks, M., 2004. "Discrete Choice Models in Preference Space and Willingness-to Pay Space," Cambridge Working Papers in Economics 0443, Faculty of Economics, University of Cambridge. [Downloadable!]
  7. Bateman, Ian J, et al, 1997. "A Test of the Theory of Reference-Dependent Preferences," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 479-505, May.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fosgerau, Mogens & Nielsen, Søren Feodor, 2007. "Deconvoluting preferences and errors: a model for binomial panel data," MPRA Paper 3950, University Library of Munich, Germany. [Downloadable!]
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