Utility in Willingness to Pay Space
A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps
Bibliographic Data
| ID | 23360747 |
|---|---|
| Authors | Riccardo Scarpa (0000-0001-6449-5389, Department of Economics Waikato Management School University of Waikato Hamilton New Zealand), Mara Thiene (0000-0003-3265-5426, Dipartimento Territorio e Sistemi Agroforestali University of Padua Italy), Kenneth Train (Department of Economics University of California‐Berkeley U.S.A.) |
| Year | 2008 |
| Volume | 90 |
| Issue | 4 |
| Pages | 994-1010 |
| Publication date | 2008-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | American Journal of Agricultural Economics (JOURNAL) |
| Journal identifiers | ISSN: 0002-9092 • E-ISSN: 1467-8276 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1467-8276.2008.01155.x |
| OpenAlex | W2083240876 |
| Language | EN |
| Citations received | 79 |
| References cited | 31 |
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 .
Discrete choice · Distribution (mathematics) · Econometrics · Economics · Geography · Microeconomics · Scale (ratio) · Statistics · Willingness to pay · Consumer Market Behavior and Pricing · Economic and Environmental Valuation · Housing Market and Economics · Mathematics
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| Unique citing works | 79 |
|---|---|
| Citations per year | 4,39 |
| Citation span | 2008 - 2026 (19) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 77 |