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Read or Download Applications of Simulation Methods in Environmental and Resource Economics (The Economics of Non-Market Goods and Resources) PDF
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Additional info for Applications of Simulation Methods in Environmental and Resource Economics (The Economics of Non-Market Goods and Resources)
We compare models that use normal and log-normal distributions for coefﬁcients (called models in preference space) with models using these distributions for WTP (called models in WTP space). We ﬁnd that the models in preference space ﬁt the data better but provide less reasonable distributions of WTP than the models in WTP space. Our ﬁndings suggests that further work is needed to identify distributions that either ﬁt better when applied in WTP space or imply more reasonable distributions of WTP when applied in preference space.
They ﬁnd that the latter are ﬂexible, perform well, and have a good track record of convergence, especially when the models based on the traditional bivariate approach do not converge easily. 6. Computational aspects Although computational aspects are dealt with throughout the volume, the pedagogical intention of this volume on SMs in environmental and resource economics required that we examine such issues in some detail. Accordingly, the last three chapters deal with these speciﬁc aspects of simulation-based methods.
4 2. APPLICATIONS OF SIMULATION METHODS Speciﬁcation In this section we describe the two types of models. Decision-makers are indexed by n, alternatives by j, and choice situations by t. d. We assume njt is distributed extreme value, though the analysis is the analogous for other distributions. The variance of njt can be different for different decisionmakers: V ar( njt ) = kn2 (π 2 /6), where kn is the scale parameter for decisionmaker n. Though the utility speciﬁcation is not yet normalized, the current formulation allows us to clarify the circumstances under which the scale parameter can be expected to vary over decision-makers.