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Combining Revealed and Stated Preference Data to Estimate Preferences for Residential Amenities: A GMM Approach

Daniel Phaneuf, Laura Taylor () and John Braden ()

Land Economics, 2013, vol. 89, issue 1, 30-52

Abstract: We show how stated preference information obtained from a choice experiment, and revealed preference information based on housing market transactions, can be combined via generalized method of moments (GMM) estimation. Specifically, we use a moment condition matching the predicted marginal willingness to pay (WTP) from a first-stage hedonic model to the marginal WTP formula implied by the choice experiment utility function. This is coupled with other moments from the choice experiment to produce GMM-based estimates of parameters that reflect the strengths of each data source. Our application values remediation of a contaminated site in Buffalo, New York, and we find evidence in support of estimates arising from our approach.

JEL-codes: Q51 Q53 (search for similar items in EconPapers)
Date: 2013
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