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Simulating WTP Values from Random-Coefficient Models

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Author Info
Maurus Rischatsch () (Socioeconomic Institute, University of Zurich)
Abstract

Discrete Choice Experiments (DCEs) designed to estimate willingness-to-pay (WTP) values are very popular in health economics. With increased computation power and advanced simulation techniques, random-coefficient models have gained an increasing importance in applied work as they allow for taste heterogeneity. This paper discusses the parametrical derivation of WTP values from estimated random-coefficient models and shows how these values can be simulated in cases where they do not have a known distribution.

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File URL: http://www.soi.uzh.ch/research/wp/2009/wp0912.pdf
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Publisher Info
Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number 0912.

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Length: 6 pages
Date of creation: Jul 2009
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Handle: RePEc:soz:wpaper:0912

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Related research
Keywords: willingness-to-pay; discrete choice; simulation; random-coe±cient models;

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Find related papers by JEL classification:
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models

This paper has been announced in the following NEP Reports:

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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. Ilja Neustadt & Peter Zweifel, 2009. "Social Mobility and Preferences for Income Redistribution: Evidence from a Discrete Choice Experiment," Working Papers 0909, University of Zurich, Socioeconomic Institute. [Downloadable!]
  2. Stefan Boes & Kevin Staub & Rainer Winkelmann, 2007. "Hedonic Adaptation to Living Standards and the Hidden Cost of Parental Income," Working Papers 0713, University of Zurich, Socioeconomic Institute. [Downloadable!]
  3. Boris Krey & Peter Zweifel, 2008. "Efficient Electricity Portfolios for the United States and Switzerland: An Investor View," Working Papers 0812, University of Zurich, Socioeconomic Institute. [Downloadable!]
  4. Andrew J. Oswald & Rainer Winkelmann, 2008. "Delay and Deservingness after Winning the Lottery," Working Papers 0815, University of Zurich, Socioeconomic Institute. [Downloadable!]
  5. Kevin E. Staub, 2009. "Simple tests for exogeneity of a binary explanatory variable in count data regression models," Working Papers 0904, University of Zurich, Socioeconomic Institute. [Downloadable!]
  6. Philippe Widmer & Peter Zweifel, 2008. "Provision of Public Goods in a Federalist Country: Tiebout Competition, Fiscal Equalization, and Incentives for Efficiency in Switzerland," Working Papers 0804, University of Zurich, Socioeconomic Institute. [Downloadable!]
  7. Nick Netzer & Florian Scheuer, 2009. "Competitive Screening in Insurance Markets with Endogenous Wealth Heterogeneity," Working Papers 0907, University of Zurich, Socioeconomic Institute, revised Jun 2009. [Downloadable!]
  8. Adrian Bruhin, 2008. "Stochastic Expected Utility and Prospect Theory in a Horse Race: A Finite Mixture Approach," Working Papers 0803, University of Zurich, Socioeconomic Institute. [Downloadable!]
  9. Kevin E. Staub & Rainer Winkelmann, 2009. "Robust estimation of zero-inflated count models," Working Papers 0908, University of Zurich, Socioeconomic Institute. [Downloadable!]
  10. Dario Sacco & Armin Schmutzler, 2008. "All-Pay Auctions with Negative Prize Externalities: Theory and Experimental Evidence," Working Papers 0806, University of Zurich, Socioeconomic Institute. [Downloadable!]
  11. Boris Krey, 2008. "Scope of Electricity Efficiency Improvement in Switzerland until 2035," Working Papers 0813, University of Zurich, Socioeconomic Institute. [Downloadable!]
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