Despite the vital role of the utility function in welfare measurement, the implications of working with incorrect utility specifications have been largely neglected in the choice experiments literature. This paper addresses the importance of specification with a special emphasis on the effects...

Gains from the incorporation of monetary values for changes in environmental goods and services within cost-benefit analysis depend on how well researchers can estimate these values. One key problem in both stated and revealed preference approaches is how best to model preference heterogeneity....

Gains from the incorporation of monetary values for changes in environmental goods and services within cost-benefit analysis depend on how well researchers can estimate these values. One key problem in both stated and revealed preference approaches is how best to model preference heterogeneity....

A range of empirical approaches to representing preference heterogeneity have emerged in choice modelling. Researchers have been able to explore the differences which selection of a particular approach makes to welfare measures in a particular dataset, and indeed have been able to implement a...

Despite the vital role of the utility function in welfare measurement, the implications of working with incorrect utility specifications have been largely neglected in the choice experiments literature. This paper addresses the importance of specification with a special emphasis on the effects...

Despite the vital role of utility functional form in welfare measurement, the implicationsof working with incorrect utility specifications have not been examined in the choiceexperiments (CE) literature. This paper addresses the importance of the specification ofboth non-monetary attributes and...