Czajkowski, Mikolaj; Hanley, Nick; LaRiviere, Jacob - Environmental Economics Research Group, Department of … - 2014
preferences through consumption experiences. We develop a theoretical model of Bayesian updating, perform comparative statics over … main findings are that in a Random Utility Model (RUM) discrete choice model, a subject’s scale should increase and the … variability of scale should decrease with experience if subjects are Bayesians. We then estimate the model using field data …