Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics

被引：54

作者：

Thiene, Mara ^{[1
]}

Boeri, Marco ^{[2
]}

Chorus, Caspar G. ^{[3
]}

机构：

[1] Univ Padua, Dep TESAF, I-35020 Padua, Italy

[2] Queens Univ Belfast, Gibson Inst Land Food & Environm, Belfast, Antrim, North Ireland

[3] Delft Univ Technol, NL-2628 BX Delft, Netherlands

来源：

ENVIRONMENTAL & RESOURCE ECONOMICS | 2012年 / 51卷 / 03期

关键词：

Random regret minimization; Random utility maximization; Discrete choice modelling; Outdoor recreation; Environmental policy; WILLINGNESS-TO-PAY; NONMARKET VALUATION; ANTICIPATING REGRET; UTILITY; PREFERENCE; SUBSTITUTION; RATIONALITY; INFORMATION; PATTERNS; DESIGN;

D O I：

10.1007/s10640-011-9505-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper introduces the discrete choice model-paradigm of Random Regret Minimization (RRM) to the field of environmental and resource economics. The RRM-approach has been very recently developed in the context of travel demand modelling and presents a tractable, regret-based alternative to the dominant choice-modelling paradigm based on Random Utility Maximization-theory (RUM-theory). We highlight how RRM-based models provide closed form, logit-type formulations for choice probabilities that allow for capturing semi-compensatory behaviour and choice set-composition effects while being equally parsimonious as their utilitarian counterparts. Using data from a Stated Choice-experiment aimed at identifying valuations of characteristics of nature parks, we compare RRM-based models and RUM-based models in terms of parameter estimates, goodness of fit, elasticities and consequential policy implications.

引用

页码：413 / 429

页数：17

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