An approach to the estimation of the distribution of marginal valuations from discrete choice data

Mogens Fosgerau (), Katrine Hjort and Vincent Lyk-Jensen, Stéphanie

MPRA Paper from University Library of Munich, Germany

Abstract: Models such as the mixed logit are often used to measure the distribution of the marginal value of a good based on discrete choice panel data. There are however serious specification and identification issues that are rarely addressed. The consequences for results may be dramatic. This paper points out the issues and presents an approach to dealing with them that may be applied under some circumstances. The issues and the approach are illustrated using a dataset designed to measure the value of travel time.

Keywords: Discrete choice; valuation; mixed logit (search for similar items in EconPapers)
JEL-codes: C35 R41 C14 Q51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dcm and nep-ecm
Date: 2007-07-04
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Persistent link: http://EconPapers.repec.org/RePEc:pra:mprapa:3907

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