Combining Discrete and Continuous Representations of Preference Heterogeneity: A Latent Class Approach |
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Authors: | Angel Bujosa Antoni Riera Robert L Hicks |
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Institution: | (1) Institute of Transport and Logistics Studies, The Business School, The University of Sydney, Sydney, NSW, 2006, Australia |
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Abstract: | Unobserved preference heterogeneity has been widely recognized as a critical issue not only for modelling choice behaviour,
but also for policy analysis. This paper examines alternative approaches for incorporating heterogeneity in recreational demand.
We apply a hybrid model combining discrete and continuous heterogeneity representations of tastes to capture the defining
features of both the latent class and the random parameter logit specifications. This model allows for the joint estimation
of discrete segments and within segment heterogeneity providing a richer interpretation of preference heterogeneity. A database
of recreational trips to forest sites in Mallorca has been used to compare the empirical performance of this hybrid approach
with common specifications such as the conditional logit, the random parameter logit, and the latent class model. |
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Keywords: | |
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