We estimate a stochastic frontier model with random inefficiency parameters, which allows us not only to identify the role of bank risk-taking on driving cost and profit inefficiency, but also to recognize heterogeneous effects of risk exposure on banks with different characteristics. We account...

Consumer preferences for four livestock products were investigated to determine consumer willingness to pay (WTP) for livestock production process attributes. We use an inferred method of attribute nonattendance (ANA) using the coefficient of variation on individual specific parameter estimates...

Navigation of estuaries is a vitally important aspect of boating recreation in South Africa and elsewhere. This paper uses a choice experiment to estimate recreation values of the Kromme River Estuary, a popular estuary along South Africa’s east coast. This valuation methodology allows...

Our study focuses on the identification and the measurement of switching costs and network effects in mobile telecommunications. Although these two phenomena create similar consumer lock-in mechanisms, there are no empirical studies that integrate them into one model of subscriber’s behavior....

Choice experiments have become a widespread approach to non-market environmental valuation. Given the vast range of public opinions towards environmental management changes, it is desirable that analysis of discrete choice data accounts for the possibility of unobserved heterogeneity amongst the...