Torres, Cati; Colombo, Sergio; Hanley, Nick - Environmental Economics Research Group, Department of … - 2014
approaches is how best to model preference heterogeneity. Researchers have implemented several approaches to represent this … heterogeneity, and have shown that the choice of approach can have an effect on welfare estimates. However, the question as to the … chooses between a random parameters and latent class model for representing heterogeneity. This allows us to quantify the …