Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities
A staed preference model and a revealed preference model for recreational site choice are examined and compared. Both models are based on random utility theory and the data are obtained from the same individuals. The stated preference model is based on the respondent's choice from hypothetical choice sets. Attributes in the stated preference model are based on the actual levels of attributes in the revealed preference choice set, and are presented to respondents using a fractional factorial statistical design. The results show that while independently estimated models appear to reflect different underlying preferences, joint estimation of the model parameters, including esimation of the relative scale parameter, provides evidence that the underlying preferences are in fact similar. Furthermore, combining the revealed and stated preference information yields other benefits in estimation.
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