The impact of arbitrary constraints over the payment parameter on WTP: a case of a normally distributed random parameter

References

• Amemiya, Takeshi. 1981. “Qualitative Response Models: A Survey.” Journal of Economic Literature 19 (4): 1483–1536. doi:10.2307/2724565.
   Web of Science ®Google Scholar
• Armstrong, Paula, Rodrigo Garrido, and Juan de Dios Ortúzar. 2001. “Confidence Intervals to Bound the Value of Time.” Transportation Research Part E: Logistics and Transportation Review 37 (2): 143–161. doi:10.1016/S1366-5545(00)00019-3.
   Web of Science ®Google Scholar
• Beck, Matthew J., Simon Fifer, and John M. Rose. 2016. “Can you Ever be Certain? Reducing Hypothetical Bias in Stated Choice Experiments via Respondent Reported Choice Certainty.” Transportation Research Part B: Methodological 89: 149–167. doi:10.1016/j.trb.2016.04.004.
   Web of Science ®Google Scholar
• Bhat, Chandra R. 2000. “Incorporating Observed and Unobserved Heterogeneity in Urban Work Travel Mode Choice Modeling.” Transportation Science 34 (2): 228–238. doi:10.1287/trsc.34.2.228.12306.
   Web of Science ®Google Scholar
• Choi, Andy S. 2009. “Willingness to pay: how Stable are the Estimates?” Journal of Cultural Economics 33 (4): 301–310.
   Web of Science ®Google Scholar
• Choi, Andy S. 2011. “Implicit Prices for Longer Temporary Exhibitions in a Heritage Site and a Test of Preference Heterogeneity: A Segmentation-Based Approach.” Tourism Management 32: 511–519.
   Web of Science ®Google Scholar
• Choi, Andy S. 2013. “Nonmarket Values of Major Resources in the Korean DMZ Areas: A Test of Distance Decay.” Ecological Economics 88: 97–107.
   Web of Science ®Google Scholar
• Choi, Andy S., and Kelly S. Fielding. 2013. “Environmental Attitudes as WTP Predictors: a Case Study Involving Endangered Species.” Ecological Economics 89: 24–32.
   Web of Science ®Google Scholar
• Choi, Andy S., Stefan Gössling, and Brent W. Ritchie. 2018. “Flying with Climate Liability? Economic Valuation of Voluntary Carbon Offsets Using Forced Choices.” Transportation Research Part D: Transport and Environment 62: 225–235. doi:10.1016/j.trd.2018.02.018.
   Web of Science ®Google Scholar
• Daly, Andrew, Stephane Hess, and Kenneth Train. 2012. “Assuring Finite Moments for Willingness to pay in Random Coefficient Models.” Transportation 39 (1): 19–31. doi:10.1007/s11116-011-9331-3.
   Web of Science ®Google Scholar
• Faccioli, Michela, Laure Kuhfuss, and Mikołaj Czajkowski. 2018. “Stated Preferences for Conservation Policies Under Uncertainty: Insights on the Effect of Individuals’ Risk Attitudes in the Environmental Domain.” Environmental and Resource Economics. doi:10.1007/s10640-018-0276-2.
   Web of Science ®Google Scholar
• Ferrini, Silvia, and Riccardo Scarpa. 2007. “Designs with a Priori Information for Nonmarket Valuation with Choice Experiments: a Monte Carlo Study.” Journal of Environmental Economics and Management 53 (3): 342–363. doi:10.1016/j.jeem.2006.10.007.
   Web of Science ®Google Scholar
• Fieller, E. C. 1932. “The Distribution of the Index in a Normal Bivariate Population.” Biometrika 24 (3/4): 428–440. doi:10.2307/2331976.
   Google Scholar
• Geary, R. C. 1930. “The Frequency Distribution of the Quotient of Two Normal Variates.” Journal of the Royal Statistical Society 93 (3): 442–446. doi:10.2307/2342070.
   Google Scholar
• Hensher, David A., and Williams H. Greene. 2003. “The Mixed Logit Model: the State of Practice.” Transportation Research Part A: Policy and Practice 30 (2): 133–176.
   Google Scholar
• Hensher, David A., and William H. Greene. 2011. “Valuation of Travel Time Savings in WTP and Preference Space in the Presence of Taste and Scale Heterogeneity.” Journal of Transport Economics and Policy (JTEP) 45 (3): 505–525.
   Google Scholar
• Hensher, David A., John M. Rose, and Williams H. Greene. 2005. Applied Choice Analysis: a Primer. Cambridge: Cambridge University Press.
   Google Scholar
• Hess, Stephane, Michel Bierlaire, and John W. Polak. 2005. “Estimation of Value of Travel-Time Savings Using Mixed Logit Models.” Transportation Research Part A: Policy and Practice 39 (2–3): 221–236. doi:10.1016/j.tra.2004.09.007.
   Web of Science ®Google Scholar
• Hicks, J. R. 1935. “A Suggestion for Simplifying the Theory of Money.” Economica 2 (5): 1–19.
   Google Scholar
• Hinkley, D. V. 1969. “On the Ratio of Two Correlated Normal Random Variables.” Biometrika 56 (3): 635–639. doi:10.2307/2334671.
   Web of Science ®Google Scholar
• Jones, Stewart, and David A. Hensher. 2004. “Predicting Firm Financial Distress: a Mixed Logit Model.” The Accounting Review 79 (4): 1011–1038.
   Web of Science ®Google Scholar
• Koetse, Mark J., and Roy Brouwer. 2016. “Reference Dependence Effects on WTA and WTP Value Functions and Their Disparity.” Environmental and Resource Economics 65 (4): 723–745. doi:10.1007/s10640-015-9920-2.
   Web of Science ®Google Scholar
• Kragt, M. E., F. L. Gibson, F. Maseyk, and K. A. Wilson. 2016. “Public Willingness to pay for Carbon Farming and its co-Benefits.” Ecological Economics 126: 125–131. doi:10.1016/j.ecolecon.2016.02.018.
   Web of Science ®Google Scholar
• Lancaster, Kelvin J. 1966. “A new Approach to Consumer Theory.” Journal of Political Economy 74: 132–157.
   Web of Science ®Google Scholar
• Louviere, Jordan J. 2001. “Choice Experiments: an Overview of Concepts and Issues.” In The Choice Modelling Approach to Environmental Valuation, edited by Jeff Bennett, and Russell Blamey, 13–36. Northampton, MA, USA: E. Elgar.
   Google Scholar
• Marsaglia, George. 1965. “Ratios of Normal Variables and Ratios of Sums of Uniform Variables.” Journal of the American Statistical Association 60 (309): 193–204. doi:10.2307/2283145.
   Web of Science ®Google Scholar
• McFadden, Daniel. 1974. “Conditional Logit Analysis of Qualitative Choice Behavior.” In Frontiers in Econometrics, edited by P. Zarembka, 105–142. New York: Academic Press.
   Google Scholar
• McFadden, Daniel, and Kenneth Train. 2000. “Mixed MNL Models for Discrete Response.” Journal of Applied Econometrics 15: 447–470.
   Web of Science ®Google Scholar
• NCHS. 2014. “Task 1: Key Concepts about Estimating Ratios.” National Center for Health Statistics, Accessed 5 July. https://www.cdc.gov/nchs/tutorials/Dietary/Basic/Ratios/Info1.htm.
   Google Scholar
• Rao, T. J. 2002. “Mean of Ratios or Ratio of Means or Both?” Journal of Statistical Planning and Inference 102 (1): 129–138. doi:10.1016/S0378-3758(01)00181-1.
   Web of Science ®Google Scholar
• Revelt, D., and K. Train. 1998. “Mixed Logit with Repeated Choices: Households’ Choices of Appliance Efficiency Level.” Review of Economics and Statistics 80 (4): 647–657.
   Web of Science ®Google Scholar
• Rose, John M., and Michiel C.J. Bliemer. 2005. “Constructing Efficient Choice Experiments.” In. Sydney: University of Sydney.
   Google Scholar
• Samuelson, Paul A. 1937. “A Note on Measurement of Utility.” The Review of Economic Studies 4 (2): 155–161. doi:10.2307/2967612.
   Google Scholar
• Scarpa, Riccardo, Mara Thiene, and Kenneth E. Train. 2008. “Utility in Willingness to pay Space: a Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps.” American Journal of Agricultural Economics 90 (4): 994–1010.
   Web of Science ®Google Scholar
• Sillano, Mauricio, and Juan de Dios Ortuzar. 2005. “Willingness-to-pay Estimation with Mixed Logit Models: Some new Evidence.” Environment and Planning A 37 (3): 525–550.
   Web of Science ®Google Scholar
• Taye, Fitalew Agimass, Suzanne Elizabeth Vedel, and Jette Bredahl Jacobsen. 2018. “Accounting for Environmental Attitude to Explain Variations in Willingness to pay for Forest Ecosystem Services Using the new Environmental Paradigm AU - Taye, Fitalew Agimass.” Journal of Environmental Economics and Policy 7 (4): 420–440. doi:10.1080/21606544.2018.1467346.
   Web of Science ®Google Scholar
• Thiene, Mara, and Riccardo Scarpa. 2009. “Deriving and Testing Efficient Estimates of WTP Distributions in Destination Choice Models.” Environmental and Resource Economics 44 (3): 379–395. doi:10.1007/s10640-009-9291-7.
   Web of Science ®Google Scholar
• Train, Kenneth. 2003. Discrete Choice Methods with Simulation. . Cambridge, UK: Cambridge University Press.
   Google Scholar
• Train, K., and Garrett Sonnier. 2005. “Mixed Logit with Bounded Distributions of Correlated Partworths.” In Applications of Simulation Methods in Environmental Resource Economics, edited by A. Alberini, and R. Scarpa, 117–134. Dordrecht, The Netherlands: Springer.
   Google Scholar
• Train, K., and M. Weeks. 2005. “Discrete Choice Models in Preference Space and Willing-to-pay Space.” In Applications of Simulation Methods in Environmental and Resource Economics, edited by R. Scarpa, and A. Alberini, 1–16. Dordrecht, The Netherlands: Springer.
   Google Scholar