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on Discrete Choice Models |
| By: | Carlo Fezzi (CSERGE, School of Environmental Sciences, University of East Anglia); Ian J. Bateman (CSERGE, School of Environmental Sciences, University of East Anglia) |
| Abstract: | The opportunity Value of Travel Time (VTT) is one of the most important parts of the total cost of day-long recreational activities and arguably the most difficult to estimate. While numerous studies have criticized the use of salaries to proxy the relevant shadow values, a consensus on an alternative measure still has to emerge. This paper uses a revealed preference approach to estimate the VTT for recreational trips by modeling individuals' preferences for toll roads and deriving their willingness-to-pay to reduce travel time. Our case-study sites are three beaches located in the Italian Riviera Romagnola, whose road network is a mix of toll and free access roads. By carrying-out face-to-face interviews, we reconstruct respondents' routes, indentify their time-cost trade-offs and ultimately estimate their VTT. Results show considerable heterogeneity in values with the VTT for day-long recreational visits being significantly higher than the one of longer holidays. |
| Keywords: | Value of Time, Value of Travel Time Savings, Recreation Demand Models, Revealed Preferences, Willingness to Pay Space |
| JEL: | Q50 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:fem:femwpa:2013.64&r=dcm |
| By: | Vitaliy Oryshchenko; Richard J. Smith |
| Abstract: | If additional information about the distribution of a random variable is available in the form of moment conditions, a weighted kernel density estimate reflecting the extra information can be constructed by replacing the uniform weights with the generalised empirical likelihood probabilities. It is shown that the resultant density estimator provides an improved approximation to the moment constraints. Moreover, a reduction in variance is achieved due to the systematic use of the extra moment information. |
| Keywords: | Weighted kernel density estimation, moment conditions, higher-order expansions, normal mixtures |
| JEL: | C14 |
| Date: | 2013–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:oxf:wpaper:662&r=dcm |
| By: | John Bone; Paolo Crosetto; John D Hey; Carmen Pasca |
| Abstract: | This paper reports an experiment designed to elicit social preferences over income compensation schemes, where income differences between subjects have two independent components: one due to chosen effort and the other due to random chance. These differences can be compensated through social dividends, according to principles chosen beforehand by subjects themselves from behind a stylised Rawlsian veil of ignorance, or outside the society on which the principles will be implemented. We test the attractiveness in particular of Luck Egalitarianism, compensating inequalities due to chance but not those due to choice. We find modest but not overwhelming support for these principles, suggesting that subjects’actual preferences are more complex. |
| Keywords: | chance, choice, envy-freeness, fairness, luck, luck egalitarianism, responsibility |
| JEL: | D31 D63 C91 |
| Date: | 2013–07 |
| URL: | http://d.repec.org/n?u=RePEc:yor:yorken:13/15&r=dcm |