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An approach to the estimation of the distribution of marginal valuations from discrete choice data

  • Fosgerau, Mogens
  • Hjort, Katrine
  • Vincent Lyk-Jensen, Stéphanie

Models such as the mixed logit are often used to measure the distribution of the marginal value of a good based on discrete choice panel data. There are however serious specification and identification issues that are rarely addressed. The consequences for results may be dramatic. This paper points out the issues and presents an approach to dealing with them that may be applied under some circumstances. The issues and the approach are illustrated using a dataset designed to measure the value of travel time.

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File URL: http://mpra.ub.uni-muenchen.de/3907/1/MPRA_paper_3907.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3907.

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Date of creation: 04 Jul 2007
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Handle: RePEc:pra:mprapa:3907
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  1. Kenneth Train, 2003. "Discrete Choice Methods with Simulation," Online economics textbooks, SUNY-Oswego, Department of Economics, number emetr2.
  2. Arthur Lewbel & Oliver Linton & Daniel McFadden, 2001. "Estimating features of a distribution from binomial data," CeMMAP working papers CWP07/01, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  3. Train, K. & Weeks, M., 2004. "Discrete Choice Models in Preference Space and Willingness-to Pay Space," Cambridge Working Papers in Economics 0443, Faculty of Economics, University of Cambridge.
  4. Cameron, Trudy Ann, 1988. "A new paradigm for valuing non-market goods using referendum data: Maximum likelihood estimation by censored logistic regression," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 355-379, September.
  5. Fosgerau, Mogens, 2006. "Investigating the distribution of the value of travel time savings," Transportation Research Part B: Methodological, Elsevier, vol. 40(8), pages 688-707, September.
  6. Mogens Fosgerau & Michel Bierlaire, 2005. "A practical test for the choice of mixing distribution in a discrete choice model," Econometrics 0512002, EconWPA.
  7. Bateman, Ian J, et al, 1997. "A Test of the Theory of Reference-Dependent Preferences," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 479-505, May.
  8. Bierens, Herman J., 2008. "Semi-Nonparametric Interval-Censored Mixed Proportional Hazard Models: Identification And Consistency Results," Econometric Theory, Cambridge University Press, vol. 24(03), pages 749-794, June.
  9. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
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