| 来源类型 | Working papers |
| 规范类型 | 论文 |
| Risk-Aversion and Willingness to Pay in Choice Experiments | |
| Farsi, Mehdi | |
| 发表日期 | 2007 |
| 出版者 | Swiss Federal Institute of Technology, CEPE - Centre for Energy Policy and Economics |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper extends the linear utility model commonly used for estimating the willingness to pay for non-market goods to a non-linear model with decreasing marginal utility. The proposed approach relaxes the assumption of constant rate of substitution between income and non-market commodities, an assumption which can be especially restrictive in cases when the non-market good is a luxury commodity or a new good whose benefits are not completely known. The adopted non-linear formulation can therefore accommodate risk-averse behavior with respect to nonmarket goods particularly when the non-market attributes are measured by discrete variables. The proposed models have been applied to data from a choice experiment for energy efficiency measures in apartment buildings. The econometric specification is based on a fixed-effect logit model. The results suggest that ignoring consumers’ risk-aversion toward new non-market goods could lead to an underestimation of the marginal willingness to pay. However, consistent with previous studies the non-linear effect of income does not have a considerable effect on the estimation results. |
| 主题 | choice experiment ; willingness to pay ; risk aversion ; energy efficiency ; housing JEL classification: Q51 ; C25 ; D12 ; C91 |
| URL | https://www.research-collection.ethz.ch/handle/20.500.11850/5380 |
| 来源智库 | Centre for Energy Policy and Economics (Switzerland) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/266543 |
| 推荐引用方式 GB/T 7714 | Farsi, Mehdi. Risk-Aversion and Willingness to Pay in Choice Experiments. 2007. |
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