Mixed logit models represent a powerful discrete choice analytical model but require assumptions about the functional form
of the parameter distributions. The use of unbounded distributions, such as the normal distribution, may be regarded as unsuitable
where theory indicates that all are negatively affected by increases in an attribute, such as price. Bounded distributions
such as the triangular and log-normal are unable to model the case where a section of the population is indifferent towards
an attribute, while the remainder are negatively disposed toward it. Train and Sonnier’s bounded mixed logit model accommodates
these features and is employed in this paper. A censored normal and Johnson’s Sb distribution are used to model preferences in the UK for food attributes, including price and GM technology. Bi-modal distributions
are identified regarding GM food: some are unlikely to ever consume it, some are close to indifference and willing to consume
at relatively small discounts while the remainder are fairly unresponsive to further price reductions. 相似文献
This paper focuses on problems associated with nonresponse in Contingent Valuation surveys. The results from a telephone follow-up survey show that value inference can be considerably improved by information on nonrespondents' attitudes. 相似文献
Objective: To investigate preferences for fertility treatment from the Australian general population with the aims of calculating the willingness to pay in tax contribution for attributes (characteristics) that make up treatment and for an “ideal” fertility treatment program. We also assessed whether willingness-to-pay varies by the relationship status or sexual orientation of the patient.
Methods: A stated preference discrete choice experiment was administered to a panel of 801 individuals representative of the Australian general population. Seven attributes of fertility treatment under three broad categories were included: outcome, process, and cost. Attributes were identified through published literature, focus group discussions, expert knowledge, and a pilot study. A Bayesian fractional experimental design was used, and data analysis was performed using a generalized multinomial logit model. Further analyses included interaction terms and latent class modeling.
Results: Six of the seven attributes influenced the choice of a treatment program. Under process attributes, individuals preferred: continuity of care of clinic staff, where patients are seen by the same doctor but different nurses at each visit; “alternative” treatments being offered to all patients; and onsite clinic counseling and peer-support groups. Personalization and tailoring of the treatment journey were not important. Among outcome attributes, the improved success rate of having a baby per cycle and significant side-effects were considered important. Cost of treatment also influenced the choice of treatment program. Individual preferences for fertility treatment were not associated with patients’ relationship status or sexual orientation. Latent class modeling revealed sub-groups with distinct fertility treatment preferences.
Conclusion: This study provides important insights into the attributes that influence the preferences of fertility treatment in Australia. It also estimates socially-inclusive willingness-to-pay values in tax contributions for an “ideal” package of treatment. The results can inform economic evaluations of fertility treatment programs. 相似文献
We study Bayesian mechanism design in the context of the siting of noxious facilities. Under incomplete information, we characterize
optimal mechanisms facilitating the siting and cost sharing of the facility. These mechanisms are allocatively and Pareto
efficient. However, it appears that transfers occur when the good is not provided. This result is due to the weakening of
the incentive notion to Bayesian–Nash equilibrium and to the balanced budget condition. This phenomenon disappears if the
setting is perfectly symmetric.
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Abstract. Although stochastic volatility (SV) models have an intuitive appeal, their empirical application has been limited mainly due to difficulties involved in their estimation. The main problem is that the likelihood function is hard to evaluate. However, recently, several new estimation methods have been introduced and the literature on SV models has grown substantially. In this article, we review this literature. We describe the main estimators of the parameters and the underlying volatilities focusing on their advantages and limitations both from the theoretical and empirical point of view. We complete the survey with an application of the most important procedures to the S&P 500 stock price index. 相似文献
Pricing-to-market (PTM) theory suggests that exporting monopolistic firms adjust their destination-specific mark-ups in the face of exchange rate shocks. A large proportion of the existing evidence for PTM comes from Wald tests applied to OLS- and IV-estimated parameters of single-equation models. Such tests can seriously over-reject in the presence of endogeneity and weak instruments so that some of the available results supporting PTM could be spurious. In this paper we revisit the PTM evidence for Japanese and German exporting firms in the transportation equipment industry. Using the model of Marston (1990), we apply exogeneity and LR-LIML-based tests for which the error probability is controlled irrespective of the quality of the available instruments. Our results show right-hand-side endogeneity in almost all of the examined PTM equations. In addition, we find that statistical decisions often differ depending on whether they are based on the traditional Wald test or on our proposed test.The authors would like to thank Philippe Barla, Jean-Thomas Bernard, Christos Constantatos, Larry Schembri, seminar participants at the Bank of Canada, and two anonymous referees for useful comments and suggestions. Thanks also to Richard Marston for providing data. Finally, a special thanks to Marjorie Santos for excellent research assistance. All remaining errors are our own and should not be attributed to the Bank of Canada.First version received: May 2002/Final version received: December 2002 相似文献