BENEFIT ESTIMATES FOR LANDSCAPE IMPROVEMENTS: SEQUENTIAL BAYESIAN DESIGN AND RESPONDENTS’ RATIONALITY IN A CHOICE EXPERIMENT STUDY
Danny Campbell (),
George Hutchinson and
Riccardo Scarpa ()
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George Hutchinson: Institute of Agri-Food and Land Use, Queen’s University Belfast
No 606, Working Papers from Rural Economy and Development Programme,Teagasc
A multi-attribute stated preference approach is used to value low and high impact actions on four major landscape components addressed by the Rural Environment Protection (REP) Scheme in Ireland. Several methodological issues are addressed: the use of prior beliefs on the relative magnitudes of parameters, standardized description of different levels of landscape improvements via image manipulation software, adoption of efficiencyincreasing sequential experimental design, and sensitivity of benefit estimates to inclusion of responses from “irrational” respondents. Amongst other things, our findings indicate that Bayesian design updating can deliver significant efficiency gains, and that estimates may be up-ward biased when irrational respondents are not excluded.
Keywords: Bayesian experimental design; choice experiments; individual-specific WTP; mixed logit; non-market valuation; rationality tests; rural landscapes; status-quo bias. (search for similar items in EconPapers)
Pages: 39 pages
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Persistent link: https://EconPapers.repec.org/RePEc:tea:wpaper:0606
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