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Estimating WTP with uncertainty choice contingent valuation
Balcombe, Kelvin; Samuel, Aurelia; Fraser, Iain - 2009
A method for treating Contingent Valuation data obtained from a polychotomous response format designed to accommodate respondent uncertainty is developed. The parameters that determine the probability of indefinite responses are estimated and used to truncate utility distributions within a...
Persistent link: https://www.econbiz.de/10010277843
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Bias and Efficiency of Single vs Double Bound Models for Contingent Valuation Studies : A Monte Carlo Analysis
Calia, Pinuccia; Strazzera, Elisabetta - 1999
The Dichotomous Choice Contingent Valuation Method can be used either in the single or double bound formulation. The former is easier to implement, while the latter is known to be more efficient. We analyse the bias of the ML estimates produced by either model, and the gain in efficiency...
Persistent link: https://www.econbiz.de/10014196433
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Estimating Long-Run Risks in Developed and Developing Countries : A Particle MCMC Approach
Ho, Steven Wei - 2019
We estimate a generalized version of the Long-Run Risk model in a panel of developed and developing countries using …. Our estimations provide further evidence in support of the Long-Run Risk model and in the existence of a common small …
Persistent link: https://www.econbiz.de/10012897110
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Comparison of parametric and semi-parametric binary response models
Shen, Xiangjin; Li, Shiliang; Tsurumi, Hiroki - 2013
A Bayesian semi-parametric estimation of the binary response model using Markov Chain Monte Carlo algorithms is proposed. The performances of the parametric and semi-parametric models are presented. The mean squared errors, receiver operating characteristic curve, and the marginal effect are...
Persistent link: https://www.econbiz.de/10009766721
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A Practitioner's Guide to Bayesian Estimation of Discrete Choice Dynamic Programming Models
Ching, Andrew T.; Imai, Susumu; Ishihara, Masakazu; … - 2012
This paper provides a step-by-step guide to estimating infinite horizon discrete choice dynamic programming (DDP) models using a new Bayesian estimation algorithm (Imai, Jain and Ching, Econometrica 77:1865-1899, 2009) (IJC). In the conventional nested fixed point algorithm, most of the...
Persistent link: https://www.econbiz.de/10014046570
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A note on identification of bivariate copulas for discrete count data
Trivedi, Pravin K.; Zimmer, David; Chang, I-Lok - In: Econometrics : open access journal 5 (2017) 1, pp. 1-11
Copulas have enjoyed increased usage in many areas of econometrics, including applications with discrete outcomes. However, Genest and Nešlehová (2007) present evidence that copulas for discrete outcomes are not identified, particularly when those discrete outcomes follow count distributions....
Persistent link: https://www.econbiz.de/10011654092
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Estimation of an Endogenous Switching Regression Model with Discrete Dependent Variables : Monte-Carlo Analysis and Empirical Application of Three Estimators
Kimhi, Ayal - 1999
The performances of alternative two-stage estimators for the endogenous switching regression model with discrete dependent variables are compared, with regard to their usefulness as starting values for maximum likelihood estimation. This is especially important in the presence of large...
Persistent link: https://www.econbiz.de/10014193103
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The dead-anyway effect revis(it)ed
Breyer, Friedrich; Felder, Stefan - 2002
risk increases with the initial level of risk. Their reasoning is based on differences in the marginal utility of wealth …: first, for a risk-averse individual without a bequest motive, marginal WTP for survival does increase with the level of risk … initial risk on WTP for survival is reversed: the higher initial risk the lower the value of a statistical life. …
Persistent link: https://www.econbiz.de/10011514002
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The specification of dynamic discrete-time two-state panel data models
Gørgens, Tue; Hyslop, Dean Robert - In: Econometrics : open access journal 7 (2019) 1/1, pp. 1-16
This paper compares two approaches to analyzing longitudinal discrete-time binary outcomes. Dynamic binary response models focus on state occupancy and typically specify low-order Markovian state dependence. Multi-spell duration models focus on transitions between states and typically allow for...
Persistent link: https://www.econbiz.de/10012025722
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Traffic lights and food choice : a choice experiment examining the relationship between nutritional food labels and price
Balcombe, Kelvin G.; Fraser, Iain M.; Di Falco, Salvatore - 2009
In this paper we investigate how consumers respond to the UK food label Traffic Light System (TLS). Employing a Choice Experiment (CE) we find that consumers appear to behave in a manner consistent with our expectations regarding the impact of the TLS nutrition label. In particular, we identify...
Persistent link: https://www.econbiz.de/10003889482