Modeling preference heterogeneity in stated choice data: An analysis for public goods generated by agriculture

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dc.contributor.author Colombo, S
dc.contributor.author Hanley, N
dc.contributor.author Louviere, JJ
dc.date.accessioned 2010-05-28T09:53:11Z
dc.date.issued 2009-01
dc.identifier.citation Agricultural Economics, 2009, 40 (3), pp. 307 - 322
dc.identifier.issn 0169-5150
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/9970
dc.description.abstract Stated choice models based on the random utility framework are becoming increasingly popular in the applied economics literature. The need to account for respondents' preference heterogeneity in such models has motivated researchers in agricultural, environmental, health, and transport economics to apply random parameter logit and latent class models. In most of the published literature these models incorporate heterogeneity in preferences through the systematic component of utility. An alternative approach is to investigate heterogeneity through the random component of utility, and covariance heterogeneity models are one means of doing this. In this article we compare these alternative ways of incorporating preference heterogeneity in stated choice models and evaluate the sensitivity of estimated welfare measures to which approach is selected. We find that a latent class approach fits our data best, but all the models perform well in terms of out-of-sample predictions. Finally, we discuss what criteria a researcher can use to decide which approach is most appropriate for a given data set.
dc.publisher Wiley-Blackwell Publishing, Inc.
dc.relation.isbasedon 10.1111/j.1574-0862.2009.00377.x
dc.title Modeling preference heterogeneity in stated choice data: An analysis for public goods generated by agriculture
dc.type Journal Article
dc.parent Agricultural Economics
dc.journal.volume 3
dc.journal.volume 40
dc.journal.number 3 en_US
dc.publocation USA en_US
dc.identifier.startpage 307 en_US
dc.identifier.endpage 322 en_US
dc.cauo.name BUS.School of Marketing en_US
dc.conference Verified OK en_US
dc.for 140201 Agricultural Economics
dc.personcode 020132
dc.percentage 100 en_US
dc.classification.name Agricultural Economics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords C52; Q51; Q57; Choice experiments; Covariance heterogeneity model; Agri-environmental policy; Landscape values; Latent class model; Preference heterogeneity; Random parameter logit model; Error component models; Welfare measures en_US
dc.description.keywords C52
dc.description.keywords Q51
dc.description.keywords Q57
dc.description.keywords Choice experiments
dc.description.keywords Covariance heterogeneity model
dc.description.keywords Agri-environmental policy
dc.description.keywords Landscape values
dc.description.keywords Latent class model
dc.description.keywords Preference heterogeneity
dc.description.keywords Random parameter logit model
dc.description.keywords Error component models
dc.description.keywords Welfare measures
dc.description.keywords C52
dc.description.keywords Q51
dc.description.keywords Q57
dc.description.keywords Choice experiments
dc.description.keywords Covariance heterogeneity model
dc.description.keywords Agri-environmental policy
dc.description.keywords Landscape values
dc.description.keywords Latent class model
dc.description.keywords Preference heterogeneity
dc.description.keywords Random parameter logit model
dc.description.keywords Error component models
dc.description.keywords Welfare measures
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Strength - Study of Choice


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