Asymmetric preference formation in willingness to pay estimates in discrete choice models |
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Authors: | Stephane Hess John M. Rose David A. Hensher |
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Affiliation: | aInstitute of Transport and Logistics Studies, Faculty of Economics and Business, The University of Sydney, NSW 2006, Australia |
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Abstract: | Individuals when faced with choices amongst a number of alternatives often adopt a variety of processing rules, ranging from simple linear to complex non-linear treatment of each attribute defining the offer of each alternative. In this paper we investigate the presence of asymmetry in preferences to test for reference effects and differential willingness to pay according to whether we are valuing gains or losses. The findings offer clear evidence of an asymmetrical response to increases and decreases in attributes when compared to the corresponding values for a reference alternative, where the degree of asymmetry varies across attributes and population segments. |
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Keywords: | Willingness to pay Asymmetric preferences Referencing Stated choice Discrete choice Value of travel time savings |
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