Experimental designs for environmental valuation with choice-experiments: A Monte Carlo investigation

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dc.contributor.authorFerrini, Silvia
dc.contributor.authorScarpa, Riccardo
dc.date.accessioned2008-12-15T02:10:15Z
dc.date.available2008-12-15T02:10:15Z
dc.date.issued2005-12
dc.description.abstractWe review the practice of experimental design in the environmental economics literature concerned with choice experiments. We then contrast this with advances in the field of experimental design and present a comparison of statistical efficiency across four different experimental designs evaluated by Monte Carlo experiments. Two different situations are envisaged. First, a correct a priori knowledge of the multinomial logit specification used to derive the design and then an incorrect one. The data generating process is based on estimates from data of a real choice experiment with which preference for rural landscape attributes were studied. Results indicate the D-optimal designs are promising, especially those based on Bayesian algorithms with informative prior. However, if good a priori information is lacking, and if there is strong uncertainty about the real data generating process - conditions which are quite common in environmental valuation - then practitioners might be better off with conventional fractional designs from linear models. Under misspecification, a design of this type produces less biased estimates than its competitors.en_US
dc.format.mimetypeapplication/pdf
dc.identifier.citationFerrini, S. & Scarpa, R. (2005). Experimental designs for environmental valuation with choice-experiments: A Monte Carlo investigation. (Department of Economics Working Paper Series, Number 8/05). Hamilton, New Zealand: University of Waikato.en_US
dc.identifier.urihttps://hdl.handle.net/10289/1642
dc.language.isoen
dc.publisherDepartment of Economics, University of Waikatoen_NZ
dc.relation.ispartofseriesDepartment of Economics Working Paper Series
dc.subjectlogit experimental designen_US
dc.subjectefficiencyen_US
dc.subjectMonte Carloen_US
dc.subjectchoice experimentsen_US
dc.subjectnon-market valuationen_US
dc.titleExperimental designs for environmental valuation with choice-experiments: A Monte Carlo investigationen_US
dc.typeWorking Paperen_US
pubs.elements-id53072
uow.relation.series8/05
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