Fosgerau, Mogens; Bjørner, Thomas Bue - EconWPA - 2004
Previous CV studies of the WTP for road noise reduction have used stated annoyance as an independent variable. We argue … both WTP and annoyance as endogenous variables in a simultaneous equation model as a combination of a linear regression … with an ordered probit with correlated error terms and possibly common parameters. Thus, information on stated annoyance is …