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

Scarpa, Riccardo ; Thiene, Mara ; Train, Kenneth

American journal of agricultural economics, 2008-11, Vol.90 (4), p.994-1010 [Periódico revisado por pares]

Malden: Blackwell Publishing Inc

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Título:
Utility in Willingness to Pay Space: A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps
Autor: Scarpa, Riccardo ; Thiene, Mara ; Train, Kenneth
Assuntos: Alps ; Analytical estimating ; Bayesian analysis ; Coefficients ; Consumer behavior ; Consumer demand ; consumer preferences ; Correlation coefficients ; D120 ; destination site choice ; econometric models ; Economic models ; estimation ; Leisure industry ; Measurement ; mixed logit ; Model trains ; Modeling ; nonmarket valuation ; outdoor recreation ; Parametric models ; Q260 ; random parameters ; random willingness to pay ; Regions ; simulation models ; Simulations ; Standard deviation ; Studies ; Tourism ; travel ; travel cost ; Travel expenses ; Willingness to pay
É parte de: American journal of agricultural economics, 2008-11, Vol.90 (4), p.994-1010
Notas: http://dx.doi.org/10.1111/j.1467-8276.2008.01155.x
ark:/67375/HXZ-F6VJKD3C-5
Senior authorship is equally shared.
istex:B3B9F6C7E1E62BF3999A788D5BEF7AC1C249FDA0
Senior authorship is equally shared. The authors would like to acknowledge useful comments from three anonymous reviewers, the associated editor Stephen Swallow and Timothy Gilbride. They are also grateful to Kelvin Balcombe for making available Gauss routines to graphically assess convergence of the Gibbs sampler. The usual disclaimer on the remaining errors applies.
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Descrição: 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.
Editor: Malden: Blackwell Publishing Inc
Idioma: Inglês

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

Scarpa, Riccardo ; Thiene, Mara ; Train, Kenneth

Malden: Blackwell Publishing Inc

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