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| Swait, Joffre; Adamowicz, Wiktor L.; van Bueren, Martin. |
| Welfare economics is often employed to measure the impact of economic policies or externalities. When demand is characterized by discrete choices, static models of consumer demand are employed for this type of analysis because of the difficulty in estimating dynamic discrete choice models. In this paper we provide a tractable approach to estimating dynamic discrete choice models of the Generalized Extreme Value (GEV) family that addresses many of the problems identified in the literature and provides a rich set of parameters describing dynamic choice. We apply this model to the case of recreational fishing site choice, comparing dynamic to static versions. In natural resource damage assessment cases, static discrete choice models of recreational site... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2000 |
URL: http://purl.umn.edu/24113 |
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| Swait, Joffre; Adamowicz, Wiktor L.. |
| Most empirical models of consumer choice assume that the decision-maker assesses all alternatives and information in a perfect information processing sense. The complexity of the choice environment, the ability of the individual to make complex decisions and the effect of choice context on the decision strategy, are generally not considered in statistical model development. One of the reasons for this omission is that theoretical literature on choice complexity and imperfect ability to choose has not been translated into empirical methods that permit such considerations in econometric analysis. In this paper we outline a theoretical model that considers task complexity, effort applied by the consumer, ability to choose, and choice. We then construct a... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Choice modeling; Random utility; Choice context; Institutional and Behavioral Economics. |
| Ano: 1999 |
URL: http://purl.umn.edu/24093 |
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| Swait, Joffre; Adamowicz, Wiktor L.. |
| The psychology, the marketing consumer behavior and, to a much smaller extent, the economics literature have long reported evidence that decision makers utilize different decision strategies depending upon many factors (person-specific, task-specific, etc.). Such observations have generally failed to affect the specification of choice models in commercial practice and academic research, both of which still tend to assume an utility maximizing, full information, indefatigable decision maker. This is true whether the models deal with Stated Preference (SP - from hypothetical elicitations) or Revealed Preference (RP - from actual market decisions) choice data. This paper, which deals only with SP data, addresses the following issues: (1) does task complexity... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Institutional and Behavioral Economics. |
| Ano: 1997 |
URL: http://purl.umn.edu/24101 |
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