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Extra resources for Applications of Simulation Methods in Environmental and Resource Economics (The Economics of Non-Market Goods and Resources)
This concept of randomness is particularly relevant with stated preference data, where respondents differ in their attention to the task and in their constructs of unlisted attributes. However, randomness in behavior can arise in revealed preference data as well. 2 In panel data settings, each decision-maker faces a sequence of choice situations with unobserved factors differing in each choice situation. It is reasonable to believe in this situation that the variance of these unobserved factors over choice situations for each decision-maker is different for different decision-makers, even when the unobserved factors are known to the decision-maker and unobserved only by the researcher.
In addition, several conclusions can be drawn concerning correlations: The hypothesis that coefﬁcients in preference space are uncorrelated can be rejected. 1 with uncorrelated coefﬁcients. 4 for the hypothesis that all 120 covariances are zero, which is greater than the 99-percentile value of the chi-square with 120 degrees of freedom. Models in Preference Space and WTP Space 15 The estimated correlations among coefﬁcients are generally small or moderate in size. 4 in magnitude. 13 when they are constrained to be uncorrelated.
9962 ilarly, but not as dramatically, the share who are willing to pay over $20,000 to move from low to medium performance is estimated to be 6 percent in the model in WTP space, which is less than the 10 percent implied by the model in preference space. In conclusion, for both preference coefﬁcients and WTP values, the indirect way of estimating the distributions results in larger means and standard deviations than when the distributions are estimated directly. As discussed above, the larger standard deviations in WTP imply implausible shares of the population willing to pay large amounts for an attribute.