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Criterion and predictive validity of revealed and stated preference data: the case of “Mountain Home Music†concert demand

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  • John C. Whitehead
  • Douglas Simpson Noonan
  • Elizabeth Marquardt

Abstract

Despite a robust literature on nonmarket valuation of cultural assets, serious validity concerns remain. Â We address this by estimating a demand model for a regional concert series. Â We survey concertgoers during and then again after the concert season to gather ex ante and ex post stated and revealed preference data. Comparing ex ante stated preference data to ex post revealed preference data we find respondents overstate their concert attendance behavior. An ex ante revealed-stated preference demand model with a stated preference adjustment helps calibrate the results and avoid bias from using solely hypothetical, stated preference data. The results demonstrate how to improve predictive accuracy in contingent behavior models and improve our understanding of demand for live music performances. Â

Suggested Citation

  • John C. Whitehead & Douglas Simpson Noonan & Elizabeth Marquardt, 2014. "Criterion and predictive validity of revealed and stated preference data: the case of “Mountain Home Music†concert demand," Economics and Business Letters, Oviedo University Press, vol. 3(2), pages 87-95.
    • Handle: RePEc:ove:journl:aid:10289
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    1. Richard C. Bishop & Kevin J. Boyle, 2019. "Reliability and Validity in Nonmarket Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(2), pages 559-582, February.
    2. John C. Whitehead & Pamela Wicker, 2018. "Valuing Non-Market Benefits of Participatory Sport Events Using Willingness to Travel: Payment Card vs Random Selection with Mitigation of Hypothetical Bias," Working Papers 18-06, Department of Economics, Appalachian State University.
    3. Bigerna, S. & Bollino, C.A. & Micheli, S. & Polinori, P., 2017. "Revealed and stated preferences for CO2 emissions reduction: The missing link," Renewable and Sustainable Energy Reviews, Elsevier, vol. 68(P2), pages 1213-1221.

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