scholarly journals Confidence intervals of willingness-to-pay for random coefficient logit models

2013 ◽  
Vol 58 ◽  
pp. 199-214 ◽  
Author(s):  
Michiel C.J. Bliemer ◽  
John M. Rose
Keyword(s):  
Willingness To Pay ◽  
Confidence Intervals ◽  
Random Coefficient ◽  
Logit Models ◽  
Random Coefficient Logit

scholarly journals Monte Carlo Simulation in Random Coefficient Logit Models Involving Large Sums

2013 ◽  
Vol 1 (1) ◽  
pp. 85-108
Author(s):  
Zsolt Sándor
Keyword(s):  
Monte Carlo Simulation ◽  
Monte Carlo ◽  
Monte Carlo Methods ◽  
Mean Squared Error ◽  
Mixed Logit ◽  
Random Coefficient ◽  
Consumer Information ◽  
Logit Models ◽  
Quasi Monte Carlo ◽  
Random Coefficient Logit

Abstract We study Monte Carlo simulation in some recent versions of random coefficient logit models that contain large sums of expressions involving multivariate integrals. Such large sums occur in the random coefficient logit with demographic characteristics, the random coefficient logit with limited consumer information and the design of choice experiments for the panel mixed logit. We show that certain quasi-Monte Carlo methods, that is, so-called (t, m, s)-nets, provide improved performance over pseudo-Monte Carlo methods in terms of bias, standard deviation and root mean squared error.

Bayesian analysis of random coefficient logit models using aggregate data

2009 ◽  
Vol 149 (2) ◽  
pp. 136-148 ◽  
Author(s):  
Renna Jiang ◽  
Puneet Manchanda ◽  
Peter E. Rossi
Keyword(s):  
Bayesian Analysis ◽  
Aggregate Data ◽  
Random Coefficient ◽  
Logit Models ◽  
Random Coefficient Logit

scholarly journals Masked Heterogeneity in Aggregation: Incorporating Beliefs and Geographic Information into Consumer Willingness to Pay for State Brands

2020 ◽  
Vol 52 (4) ◽  
pp. 527-544
Author(s):  
Meagan Osburn ◽  
Rodney B. Holcomb ◽  
Clinton L. Neill
Keyword(s):  
Willingness To Pay ◽  
Random Parameter ◽  
Geographic Information ◽  
Agricultural Products ◽  
Logit Models ◽  
Aggregate Model ◽  
Marginal Willingness To Pay ◽  
Disaggregate Model ◽  
Random Parameter Logit ◽  
State Region

AbstractState marketing programs for food and agricultural products are largely driven by consumers’ desires to purchase in-state products. Evaluations of state marketing programs have largely ignored consumer location and proximity to surrounding states, measures of ethnocentrism, and the presence of other geographic marketing labels. This study examines willingness to pay for own and out-of-state labels for a generic commodity, milk, within an eight-state region. The results show that an aggregate model conceals consumer heterogeneity in marginal willingness to pay values for state brands as compared to a disaggregate model, even when using random parameter logit models.

scholarly journals lclogit2: An enhanced command to fit latent class conditional logit models

2020 ◽  
Vol 20 (2) ◽  
pp. 405-425 ◽  
Author(s):  
Hong Il Yoo
Keyword(s):  
Willingness To Pay ◽  
Expectation Maximization ◽  
Latent Class ◽  
Expectation Maximization Algorithm ◽  
Linear Constraints ◽  
Logit Models ◽  
Conditional Logit ◽  
Gradient Based ◽  
Algebraic Operations

In this article, I describe the lclogit2 command, an enhanced version of lclogit (Pacifico and Yoo, 2013, Stata Journal 13: 625–639). Like its predecessor, lclogit2 uses the expectation-maximization algorithm to fit latent class conditional logit (LCL) models. But it executes the expectation-maximization algorithm’s core algebraic operations in Mata, so it runs considerably faster as a result. It also allows linear constraints on parameters to be imposed more conveniently and flexibly. It comes with the parallel command lclogitml2, a new stand-alone command that uses gradient-based algorithms to fit LCL models. Both lclogit2 and lclogitml2 are supported by a new postestimation command, lclogitwtp2, that evaluates willingness-to-pay measures implied by fitted LCL models.

scholarly journals Willingness to Pay for Genetically Modified Oil, Cornflakes, and Salmon: Evidence from a U.S. Telephone Survey

2005 ◽  
Vol 37 (3) ◽  
pp. 701-719 ◽  
Author(s):  
Naoya Kaneko ◽  
Wen S. Chern
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Sample Size ◽  
Vegetable Oil ◽  
Telephone Survey ◽  
Genetically Modified ◽  
Multinomial Logit ◽  
Logit Models ◽  
Multinomial Logit Models ◽  
The Mean

This paper reports results from a U.S. national telephone survey on genetically modified foods (vegetable oil, cornflakes, and salmon). The survey featured a contingent valuation in which respondents chose between the GM and non-GM alternatives with an option of indifference. The binomial and multinomial logit models yielded estimated willingness to pay (WTP) to avoid the GM alternatives. Respondents were willing to pay 20.9%, 14.8%, 28.4%, and 29.7% of the base prices to avoid GM vegetable oil, GM cornflakes, GM-fed salmon, and GM salmon, respectively. The inclusion of indifference option could increase the sample size and moderate the mean WTP.

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