Loading...
Please wait, while we are loading the content...
Combining Revealed and Stated Preference Data to Estimate Preferences for Residential Amenities: A GMM Approach
| Content Provider | Semantic Scholar |
|---|---|
| Author | Phaneuf, Daniel J. Taylor, Daniel J. Braden, Daniel J. Laura O. John B. |
| Copyright Year | 2012 |
| 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 Q51, Q53) |
| Starting Page | 30 |
| Ending Page | 52 |
| Page Count | 23 |
| File Format | PDF HTM / HTML |
| DOI | 10.3368/le.89.1.30 |
| Volume Number | 89 |
| Alternate Webpage(s) | https://cenrep.ncsu.edu/cenrep/wp-content/uploads/2015/08/taylor_vita14.pdf |
| Alternate Webpage(s) | https://doi.org/10.3368/le.89.1.30 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
