Simulating WTP values from random-coefficient models

Maurus Rischatsch

Discrete Choice Experiments (DCEs) designed to estimate willingness-to-pay (WTP) values are very popular in health economics. With increased computation power and advanced simulation techniques, random-coefficient models have gained an increasing importance in applied work as they allow for taste heterogeneity. This paper discusses the parametrical derivation of WTP values from estimated random-coefficient models and shows how these values can be simulated in cases where they do not have a known distribution. -- willingness-to-pay ; discrete choice ; simulation ; random-coefficient models

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Year of publication:	2009
Authors:	Rischatsch, Maurus
Publisher:	Zürich : Univ., Sozialökonomisches Inst.
Subject:	Zahlungsbereitschaftsanalyse \| Willingness to pay \| Simulation \| Diskrete Entscheidung \| Discrete choice \| Statistische Verteilung \| Statistical distribution \| Theorie \| Theory