Showing 1 - 10 of 6,940
We propose an approach to modeling and estimating discrete choice demand that allows for a large number of zero sale observations, rich unobserved heterogeneity, and endogenous prices. We do so by modeling small market sizes through Poisson arrivals. Each of these arriving consumers then solves...
Persistent link: https://www.econbiz.de/10012794558
This paper explores methods for inferring the causal effects of treatments on choices by combining data on real choices with hypothetical evaluations. We propose a class of estimators, identify conditions under which they yield consistent estimates, and derive their asymptotic distributions. The...
Persistent link: https://www.econbiz.de/10012794643
Legislation and public policies are often the result of competition and compromise between different views and interests. In several cases, strongly held moral beliefs voiced by societal groups lead lawmakers to prohibit certain transactions or to prevent them from occurring through markets....
Persistent link: https://www.econbiz.de/10012479534
How likely is a catastrophic event that would substantially reduce the capital stock, GDP and wealth? How much should society be willing to pay to reduce the probability or impact of a catastrophe? We answer these questions and provide a framework for policy analysis using a general equilibrium...
Persistent link: https://www.econbiz.de/10012463277
Individuals who are likely to realize the largest benefits from improvements in air quality often depend on other members of their households to make time or monetary contributions to their care. The presence of these dependency relationships among household members poses challenges for benefit...
Persistent link: https://www.econbiz.de/10012463284
Focusing on tail effects, I incorporate distributions for temperature change and its economic impact in an analysis of climate change policy. I estimate the fraction of consumption w*(tau) that society would be willing to sacrifice to ensure that any increase in temperature at a future point is...
Persistent link: https://www.econbiz.de/10012463391
This paper outlines a new framework for gauging the properties of quasi-experimental estimates of the willingness to pay (WTP) for changes in environmental and other non-market amenities. As a rule, quasi-experimental methods cannot offer alternative hypotheses to judge the quality of their...
Persistent link: https://www.econbiz.de/10012463692
adult life span is about 15 years in the U.S., and theory and evidence suggest it is costly. I calibrate a utility …
Persistent link: https://www.econbiz.de/10012464552
This paper accounts for the value of children and future generations in the evaluation of health policies. This is achieved through the incorporation of altruism and fertility in "value of life" type of framework. We are able to express adults' willingness to pay for changes in child mortality...
Persistent link: https://www.econbiz.de/10012465820
to Prospect Theory or Stochastic Reference Dependence …
Persistent link: https://www.econbiz.de/10012453760