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| Gubanova, Tatiana; Volinskiy, Dmitriy; Adamowicz, Wiktor L.; Veeman, Michele M.. |
| Multi-attribute modeling has rapidly progressed from being a novelty to becoming a widely used tool of economic research. When both choice and attribute ratings data are available, a model that makes joint use of both offers informative inference opportunities. In the present study we develop a joint model which utilizes both choice and ratings data, allows for scale usage heterogeneity, is robust to violations of utility continuity and completeness. The model is used to obtain WTP estimates for genetically-modified content and country-of-origin attributes in an survey-based study of Canola oil labeling. The median survey respondent's WTP for non-GM Canola oil was found to be CA$0.92/liter. The median WTP for non-specification of GM content was found to be... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis; Institutional and Behavioral Economics. |
| Ano: 2008 |
URL: http://purl.umn.edu/6252 |
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| Volinskiy, Dmitriy; Bergstrom, John C.; Cornwell, Christopher M.; Holmes, Thomas P.. |
| The assumption of independence of irrelevant alternatives in a sequential contingent valuation format should be questioned. Statistically, most valuation studies treat nonindependence as a consequence of unobserved individual effects. Another approach is to consider an inferential process in which any particular choice is part of a general choosing strategy of a survey respondent. A stochastic model is suggested, consistent with the reflexivity, transitivity, and continuity axioms of utility analysis. An application of this theoretical model to the valuation of watershed ecosystem restoration demonstrates that an empirical model recognizing reflexivity and transitivity, and also allowing for continuity, shows the highest in-sample predictive ability. |
| Tipo: Journal Article |
Palavras-chave: Contingent valuation; Sequential choices; Modeling approaches; Watershed ecosystem service valuation; Environmental Economics and Policy. |
| Ano: 2010 |
URL: http://purl.umn.edu/59325 |
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