Econometrics of Stated Preferences

Fiebig, D.G.; Yoo, H.I.

Abstract

Stated preference methods are used to collect individual level data on what respondents say they would do when faced with a hypothetical but realistic situation. The hypothetical nature of the data has long been a source of concern among researchers as such data stand in contrast to revealed preference data, which record the choices made by individuals in actual market situations. But there is considerable support for stated preference methods as they are a cost-effective means of generating data that can be specifically tailored to a research question and, in some cases, such as gauging preferences for a new product or non-market good, there may be no practical alternative source of data. While stated preference data come in many forms, the primary focus in this article will be data generated by discrete choice experiments, and thus the econometric methods will be those associated with modeling binary and multinomial choices with panel data.

Citation

Fiebig, D., & Yoo, H. (2019). Econometrics of Stated Preferences. In A. M. Jones (Ed.), The Oxford encyclopedia of health economics. Oxford University Press. https://doi.org/10.1093/acrefore/9780190625979.013.92

• Online Publication Date: Apr 26, 2019
• Publication Date: Apr 30, 2019
• Deposit Date: Nov 29, 2018
• Publicly Available Date: Apr 26, 2021
• Publisher: Oxford University Press
• Book Title: The Oxford encyclopedia of health economics.
• DOI: https://doi.org/10.1093/acrefore/9780190625979.013.92
• Public URL: https://durham-repository.worktribe.com/output/1633246
• Contract Date: Nov 29, 2018