|Appears in Collections:||Economics Journal Articles|
|Peer Review Status:||Refereed|
|Title:||Willingness to Pay for Rural Landscape Improvements: Combining Mixed Logit and Random-Effects Models|
willingness to pay
|Citation:||Campbell D (2007) Willingness to Pay for Rural Landscape Improvements: Combining Mixed Logit and Random-Effects Models. Journal of Agricultural Economics, 58 (3), pp. 467-483. https://doi.org/10.1111/j.1477-9552.2007.00117.x|
|Abstract:||This paper reports the findings from a discrete-choice experiment designed to estimate the economic benefits associated with rural landscape improvements in Ireland. Using a mixed logit model, the panel nature of the dataset is exploited to retrieve willingness-to-pay values for every individual in the sample. This departs from customary approaches in which the willingness-to-pay estimates are normally expressed as measures of central tendency of an a priori distribution. Random-effects models for panel data are subsequently used to identify the determinants of the individual-specific willingness-to-pay estimates. In comparison with the standard methods used to incorporate individual-specific variables into the analysis of discrete-choice experiments, the analytical approach outlined in this paper is shown to add considerable explanatory power to the welfare estimates.|
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