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Designs Efficiency for Non-market Valuation with Choice Modelling: How to Measure It, What to Report and Why

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Author Info
John M. Rose () (ITLS -- University of Sydney)
Riccardo Scarpa () (University of Waikato)

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Abstract

We review the basic principles for the evaluation of design efficiency in discrete choice modelling with a focus on efficiency of WTP estimates from the multinomial logit model. The discussion is developed under the realistic assumption that researchers can plausibly define a prior on the utility coefficients. Some new measures of design performance in applied studies are proposed and their rationale discussed. An empirical example based on the generation and comparison of fifteen separate designs from a common set of assumptions illustrates the relevant considerations to the context of non-market valuation, with particular emphasis placed on C-efficiency. Conclusions are drawn for the practice of reporting in non-market valuation and for future work on design research.

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File URL: ftp://mngt.waikato.ac.nz/RePEc/wai/econwp/0721.pdf
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Publisher Info
Paper provided by University of Waikato, Department of Economics in its series Working Papers in Economics with number 07/21.

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Length: 26 pages
Date of creation: 31 Oct 2007
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Handle: RePEc:wai:econwp:07/21

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Related research
Keywords: experimental design multinomial logit willingness to pay choice modelling C-efficiency

Find related papers by JEL classification:
C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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  1. Jayson L. Lusk & F. Bailey Norwood, 2005. "Effect of Experimental Design on Choice-Based Conjoint Valuation Estimates," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 87(3), pages 771-785, 08. [Downloadable!] (restricted)
  2. Ferrini, Silvia & Scarpa, Riccardo, 2007. "Designs with a priori information for nonmarket valuation with choice experiments: A Monte Carlo study," Journal of Environmental Economics and Management, Elsevier, vol. 53(3), pages 342-363, May. [Downloadable!] (restricted)
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