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This article assesses how the form of the utility function in discrete-choice experiments (DCEs) affects estimates of willingness-to-pay (WTP). The utility function is usually assumed to be linear in its attributes. Non-linearities, in the guise of interactions and higher-order terms, are...
Persistent link: https://www.econbiz.de/10008702182
The usual decomposition of effects in corner solution models into extensive and intensive margins is generally incompatible with a causal interpretation. This paper proposes a decomposition based on the joint distribution of potential outcomes which is meaningful in a causal sense. The...
Persistent link: https://www.econbiz.de/10008702291
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nonexpected utility functions to more general settings. In particular, our theory applies to state dependent utilities, as well as …
Persistent link: https://www.econbiz.de/10003085741
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The present paper analyses the expenditure behavior of Albanian families. The objective is to cast some light upon the relationship between education expenditure and the volume of remittances, sent from abroad by household members. To assess the existence of an education enhancing effect of...
Persistent link: https://www.econbiz.de/10008699673
"In the presence of infrequent but observable structural breaks, we show that a model in which the representative agent is on a rational learning path concerning the real consumption growth process can generate high equity premia and low risk-free interest rates. In fact, when the model is...
Persistent link: https://www.econbiz.de/10002917582
A discrete symmetry of a preference relation is a mapping from the domain of choice to itself under which preference comparisons are invariant; a continuous symmetry is a one-parameter family of such transformations that includes the identity; and a symmetry field is a vector field whose...
Persistent link: https://www.econbiz.de/10009739671
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