By Kenneth Train, Melvyn Weeks (auth.), Riccardo Scarpa, Anna Alberini (eds.)
Simulation tools are revolutionizing the perform of utilized financial research. This quantity collects eighteen chapters written via prime researchers from prestigious study associations across the world. the typical denominator of the papers is their relevance for utilized learn in environmental and source economics.
The issues variety from discrete selection modeling with heterogeneity of personal tastes, to Bayesian estimation, to Monte Carlo experiments, to structural estimation of Kuhn-Tucker call for structures, to evaluate of simulation noise in greatest simulated probability estimates, to dynamic usual source modeling. Empirical circumstances are used to teach the sensible use and the consequences introduced forth through the several methods.
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Additional resources for Applications of Simulation Methods in Environmental and Resource Economics
These high correlations suggest that models with uncorrelated coefﬁcients in preference space are incompatible empirically (as well as theoretically, of course) with independent WTP’s and price coefﬁcient. 6. 4) Attribute Price Op cost Range Electric Hybrid Hi perf Med/Hi Perf Price Op. 0000 that utility coefﬁcients are independent, since independence of one implies non-independence of the other. 3 Correlated coefﬁcients and WTP In general, neither coefﬁcients nor WTP’s are independent. We estimated a model in preference space with correlated coefﬁcients and a model in WTP space with correlated WTP’s.
We begin with a brief overview of the Bayesian approach speciﬁcally to gain an appreciation of its contribution then Classical Simulation-Based Estimators to Estimate Individual WTP 19 follow with a summary of the mixed logit model that will deliver the parameters in a classical inference setting. The data setting is then presented (a stated mode choice experiment for commuting trips in Sydney in 2003), followed by the ﬁndings and implications for deriving WTP from alternative interpretations of the mixed logit outputs.
The hypothesis of no correlation can be rejected. The estimated correlations between WTP’s for the model in WTP space are generally small or moderate, similar to the estimated correlations between coefﬁcients for the model in preference space. The correlations among coefﬁcients that are derived from the model in WTP space are considerably larger in magnitude than those estimated directly in the model in preference space. Similarly, the correlations among WTP’s that are derived from the model in preference space are considerably larger than those estimated directly in the model in WTP space.