This paper develops a generalized framework for hedonic estimation that exploits experimental and quasi-experimental designs to relax many assumptions required by previous approaches. In the context of an idealized experiment, the identifiability is established of the distribution across consumers of the Marginal Willingness to Pay (MWTP) for a given product-specific amenity with few restrictio...

F with fragmented markets, saturated and demanding customers, and global competition, firms increasingly must design and offer a line of innovative, quality-differentiated products to target customers with differing willingness to pay (WTP). In this context, designing a special class of products that we term developmentintensive products (DIPs)—for which the fixed costs of development far outwe...

Within the last decades an increasing number of people practice risky sports in their leisure time. Although there exists a vast number of economic literature on risk-taking behavior, an estimation of the individual willingness to pay (WTP) for the option to exercise risk-taking is missing. Monetarized values could support private industries in design pricing schemes that set incentives to redu...

The aim of this paper is to generalize the‎‎notion of pseudo-almost valuation domains to arbitrary‎ ‎commutative rings‎. ‎It is shown that the classes of chained rings‎ ‎and pseudo-valuation rings are properly contained in the class of‎ ‎pseudo-almost valuation rings; also the class of pseudo-almost‎ ‎valuation rings is properly contained in the class of quasi-local‎ ‎rings with linearly ordere...

We compare two approaches for estimating the distribution of consumers’ willingness to pay (WTP) in discrete choice models. The usual procedure is to estimate the distribution of the utility coefficients and then derive the distribution of WTP, which is the ratio of coefficients. The alternative is to estimate the distribution of WTP directly. We apply both approaches to data on site choice in ...

Copyright 2010 Northeastern Agricultural and Resource Economics Association It is especially important that researchers be cautious about presenting willingness to pay (WTP) point estimates to policy makers when the estimates are sensitive to subjective decisions that the researchers make during the estimation process. It is well known that WTP point estimates are sensitive to the choice regard...

Contingent valuation (CV) and conjoint analysis were used to estimate landowner’s willingness to pay (WTP) for ecosystem management on non-industrial private forest land. The results suggest that even when conjoint and CV questions are the same, except for rating and pricing format, respectively, WTP estimates are quite different. Since most conjoint models essentially count ‘maybe’ responses t...

This paper presents the COG-FPOM, a model based on the Fuzzy Pay-Off Method (FPOM). The FPOM is a scenario-based real option valuation method that uses fuzzy numbers as possibility distributions. The paper shows an unexpected result generated by the original FPOM, in which the real option would have a negative value. It further analyses its reasons and suggests a way to overcome it, by using th...

A Note on Ending Inventory Valuation in Multiperiod Production Scheduling Wilco van den Heuvel • Albert P.M. Wagelmans Econometric Institute Report EI 2002-25 Econometric Institute, Erasmus University Rotterdam, PO Box 1738, 3000 DR Rotterdam, The Netherlands [email protected] • [email protected] June 2002 In a recent paper, Fisher et al. (2001) present a method to mitigate end-effect...