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Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics

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  • Mara Thiene
  • Marco Boeri
  • Caspar Chorus

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  • Mara Thiene & Marco Boeri & Caspar Chorus, 2012. "Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 51(3), pages 413-429, March.
    • Handle: RePEc:kap:enreec:v:51:y:2012:i:3:p:413-429
    DOI: 10.1007/s10640-011-9505-7
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    References listed on IDEAS

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    1. Danny Campbell & George Hutchinson & Riccardo Scarpa, 2006. "Using mixed logit models to derive individual-specific WTP estimates for landscape improvements under agri-environmental schemes: evidence from the Rural Environment Protection Scheme in Ireland," Working Papers 0607, Rural Economy and Development Programme,Teagasc.
    2. Danny Campbell & W. Hutchinson & Riccardo Scarpa, 2008. "Incorporating Discontinuous Preferences into the Analysis of Discrete Choice Experiments," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 41(3), pages 401-417, November.
    3. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
    4. Riccardo Scarpa & Danny Campbell & W. George Hutchinson, 2007. "Benefit Estimates for Landscape Improvements: Sequential Bayesian Design and Respondents’ Rationality in a Choice Experiment," Land Economics, University of Wisconsin Press, vol. 83(4), pages 617-634.
    5. Morey, Edward & Thiene, Mara, 2012. "A parsimonious, stacked latent-class methodology for predicting behavioral heterogeneity in terms of life-constraint heterogeneity," Ecological Economics, Elsevier, vol. 74(C), pages 130-144.
    6. Robert J. Johnston & Joshua M. Duke, 2007. "Willingness to Pay for Agricultural Land Preservation and Policy Process Attributes: Does the Method Matter?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(4), pages 1098-1115.
    7. Nesha Beharry-Borg & David Hensher & Riccardo Scarpa, 2009. "An Analytical Framework for Joint vs Separate Decisions by Couples in Choice Experiments: The Case of Coastal Water Quality in Tobago," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 43(1), pages 95-117, May.
    8. Chorus, Caspar G. & de Jong, Gerard C., 2011. "Modeling experienced accessibility for utility-maximizers and regret-minimizers," Journal of Transport Geography, Elsevier, vol. 19(6), pages 1155-1162.
    9. Arentze, Theo & Timmermans, Harry, 2007. "Parametric action decision trees: Incorporating continuous attribute variables into rule-based models of discrete choice," Transportation Research Part B: Methodological, Elsevier, vol. 41(7), pages 772-783, August.
    10. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521766555, January.
    11. Quiggin, John, 1994. "Regret Theory with General Choice Sets," Journal of Risk and Uncertainty, Springer, vol. 8(2), pages 153-165, March.
    12. Todd Sarver, 2008. "Anticipating Regret: Why Fewer Options May Be Better," Econometrica, Econometric Society, vol. 76(2), pages 263-305, March.
    13. Ricardo Scarpa & Mara Thiene & Kenneth Train, 2006. "Utility in WTP Space: A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps," Working Papers in Economics 06/15, University of Waikato.
    14. Riccardo Scarpa & John M. Rose, 2008. "Design efficiency for non-market valuation with choice modelling: how to measure it, what to report and why ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(3), pages 253-282, September.
    15. Caspar G Chorus & Theo A Arentze & Harry J P Timmermans, 2009. "Spatial Choice: A Matter of Utility or Regret?," Environment and Planning B, , vol. 36(3), pages 538-551, June.
    16. J. DeShazo & Trudy Cameron & Manrique Saenz, 2009. "The Effect of Consumers’ Real-World Choice Sets on Inferences from Stated Preference Surveys," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(3), pages 319-343, March.
    17. Meyerhoff, Jürgen & Ohl, Cornelia & Hartje, Volkmar, 2010. "Landscape externalities from onshore wind power," Energy Policy, Elsevier, vol. 38(1), pages 82-92, January.
    18. Moshe Ben-Akiva & Joffre Swait, 1986. "The Akaike Likelihood Ratio Index," Transportation Science, INFORMS, vol. 20(2), pages 133-136, May.
    19. Riccardo Scarpa & Mara Thiene & Kenneth Train, 2008. "Utility in Willingness to Pay Space: A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(4), pages 994-1010.
    20. Zeelenberg, M., 1999. "The use of crying over spilled milk : A note on the rationality and functionality of regret," Other publications TiSEM 66ac04be-d1ee-4a0e-9e97-7, Tilburg University, School of Economics and Management.
    21. Riccardo Scarpa & Timothy J. Gilbride & Danny Campbell & David A. Hensher, 2009. "Modelling attribute non-attendance in choice experiments for rural landscape valuation," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 36(2), pages 151-174, June.
    22. 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.
    23. Joseph A. Herriges & Daniel J. Phaneuf, 2002. "Inducing Patterns of Correlation and Substitution in Repeated Logit Models of Recreation Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(4), pages 1076-1090.
    24. Caspar G. Chorus & Eric J. E. Molin & Bert Van Wee & Theo A. Arentze & Harry J. P. Timmermans, 2006. "Responses to Transit Information among Car-drivers: Regret-based Models and Simulations," Transportation Planning and Technology, Taylor & Francis Journals, vol. 29(4), pages 249-271, March.
    25. Zhang, Junyi & Timmermans, Harry & Borgers, Aloys & Wang, Donggen, 2004. "Modeling traveler choice behavior using the concepts of relative utility and relative interest," Transportation Research Part B: Methodological, Elsevier, vol. 38(3), pages 215-234, March.
    26. Swait, Joffre, 2001. "A non-compensatory choice model incorporating attribute cutoffs," Transportation Research Part B: Methodological, Elsevier, vol. 35(10), pages 903-928, November.
    27. Loomes, Graham & Sugden, Robert, 1983. "A Rationale for Preference Reversal," American Economic Review, American Economic Association, vol. 73(3), pages 428-432, June.
    28. Scarpa, R. & Thiene, M. & Train, K., 2008. "Appendix to Utility in WTP space: a tool to address confounding random scale effects in destination choice to the Alps," American Journal of Agricultural Economics APPENDICES, Agricultural and Applied Economics Association, vol. 90(4), pages 1-9, January.
    29. Riccardo Scarpa & Mara Thiene, 2005. "Destination Choice Models for Rock Climbing in the Northeastern Alps: A Latent-Class Approach Based on Intensity of Preferences," Land Economics, University of Wisconsin Press, vol. 81(3).
    30. Mara Thiene & Riccardo Scarpa, 2008. "Hiking in the Alps: Exploring Substitution Patterns of Hiking Destinations," Tourism Economics, , vol. 14(2), pages 263-282, June.
    31. David E. Bell, 1982. "Regret in Decision Making under Uncertainty," Operations Research, INFORMS, vol. 30(5), pages 961-981, October.
    32. Nick Hanley & Robert Wright & Gary Koop, 2002. "Modelling Recreation Demand Using Choice Experiments: Climbing in Scotland," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(3), pages 449-466, July.
    33. Mara Thiene & Riccardo Scarpa, 2009. "Deriving and Testing Efficient Estimates of WTP Distributions in Destination Choice Models," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 44(3), pages 379-395, November.
    34. Edward Morey & Jennifer Thacher & William Breffle, 2006. "Using Angler Characteristics and Attitudinal Data to Identify Environmental Preference Classes: A Latent-Class Model," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 34(1), pages 91-115, May.
    35. David Hensher & Matthew Beck & John Rose, 2011. "Accounting for Preference and Scale Heterogeneity in Establishing Whether it Matters Who is Interviewed to Reveal Household Automobile Purchase Preferences," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(1), pages 1-22, May.
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