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Utility in Willingness to Pay Space: A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps

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Author Info
Riccardo Scarpa
Mara Thiene
Kenneth Train

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Abstract

We compare two approaches for estimating the distribution of consumers' willingness to pay ("WTP") in discrete choice models. The usual procedure is to estimate the distribution of the utility coefficients and then derive the distribution of "WTP", which is the ratio of coefficients. The alternative is to estimate the distribution of "WTP" directly. We apply both approaches to data on site choice in the Alps. We find that the alternative approach fits the data better, reduces the incidence of exceedingly large estimated "WTP" values, and provides the analyst with greater control in specifying and testing the distribution of "WTP". Copyright Copyright 2008 Agricultural and Applied Economics Association.

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 90 (2008)
Issue (Month): 4 (November)
Pages: 994-1010
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Handle: RePEc:bla:ajagec:v:90:y:2008:i:4:p:994-1010

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  1. Kelvin Balcombe & Iain Fraser, 2009. "A General Treatment of Non-Response Data From Choice Experiments Using Logit Models," Studies in Economics 0916, Department of Economics, University of Kent. [Downloadable!]
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This page was last updated on 2009-10-25.

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