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

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  • Fosgerau, Mogens
  • Hjort, Katrine
  • Vincent Lyk-Jensen, Stéphanie

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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Bibliographic 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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Keywords: Discrete choice; valuation; mixed logit;

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References

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  1. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521766555.
  2. Mogens Fosgerau, 2004. "Investigating the distribution of the value of travel time savings," Urban/Regional, EconWPA 0410005, EconWPA, revised 25 Nov 2004.
  3. Lewbel, Arthur & McFadden, Daniel & Linton, Oliver, 2011. "Estimating features of a distribution from binomial data," Journal of Econometrics, Elsevier, Elsevier, vol. 162(2), pages 170-188, June.
  4. Bierens, Herman J., 2008. "Semi-Nonparametric Interval-Censored Mixed Proportional Hazard Models: Identification And Consistency Results," Econometric Theory, Cambridge University Press, Cambridge University Press, vol. 24(03), pages 749-794, June.
  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.
  6. Bateman, Ian J, et al, 1997. "A Test of the Theory of Reference-Dependent Preferences," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(2), pages 479-505, May.
  7. Train, K. & Weeks, M., 2004. "Discrete Choice Models in Preference Space and Willingness-to Pay Space," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 0443, Faculty of Economics, University of Cambridge.
  8. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
  9. Mogens Fosgerau & Michel Bierlaire, 2005. "A practical test for the choice of mixing distribution in a discrete choice model," Econometrics, EconWPA 0512002, EconWPA.
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Cited by:
  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.

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