English, Article, Journal or magazine article edition: Combining discrete and continuous representations of preference heterogeneity: a latent class approach Angel Bujosa Bestard; Antoni Riera Font; Robert L. Hicks

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Bookmark: http://trove.nla.gov.au/version/67250
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Combining discrete and continuous representations of preference heterogeneity: a latent class approach
Author
  • Angel Bujosa Bestard
  • Antoni Riera Font
  • Robert L. Hicks
Physical Description
  • preprint
Notes
  • This paper investigates heterogeneity in preferences for forest recreators in Mallorca, Spain. We develop a latent class approach combining discrete and continuous representations of tastes and compare it with the conventional latent class and random parameter logit approaches. We investigate the performance of the discrete-continuous model by comparing welfare estimates and predictive accuracy. The discrete-continuous model outperforms latent class and mixed logit approaches when comparing goodness-of-fit and in- sample site-choice forecasts. We find that the discrete-continuous model for preference heterogeneity reveals variation among individuals' preferences and WTP, and for some policy changes our results reveal striking differences in means and distributions of WTP.
  • Travel Cost Method, latent class model, random parameter model, recreation demand, forests
  • RePEc:pdm:wpaper:2009/​2
Language
  • English
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