Simulating WTP Values from Random-Coefficient Models

Maurus Rischatsch ()
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Maurus Rischatsch: Socioeconomic Institute, University of Zurich

No 912, SOI - Working Papers from Socioeconomic Institute - University of Zurich

Abstract: Discrete Choice Experiments (DCEs) designed to estimate willingness-to-pay (WTP) values are very popular in health economics. With increased computation power and advanced simulation techniques, random-coefficient models have gained an increasing importance in applied work as they allow for taste heterogeneity. This paper discusses the parametrical derivation of WTP values from estimated random-coefficient models and shows how these values can be simulated in cases where they do not have a known distribution.

Keywords: willingness-to-pay; discrete choice; simulation; random-coe±cient models (search for similar items in EconPapers)
JEL-codes: C15 C25 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2009-07
New Economics Papers: this item is included in nep-dcm, nep-ecm and nep-env
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:soz:wpaper:0912

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