It is a common finding in empirical discrete choice studies that the estimated mean relative values of the coefficients (i.e. WTP's) from multinomial logit (MNL) estimations differ from those calculated using mixed logit estimations, where the mixed logit has the better statistical fit. However,...

In this paper we consider regression models with forecast feedback. Agents' expectations are formed via the recursive estimation of the parameters in an auxiliary model. The learning scheme employed by the agents belongs to the class of stochastic approximation algorithms whose gain sequence is...

In binary discrete regression models like logit or probit the omis- sion of a relevant regressor (even if it is orthogonal) depresses the re- maining <font face="Symbol">b</font> coefficients towards zero. For the probit model, Wooldridge (2002) has shown that this bias does not carry over to the effect of the regressor...

We estimate the incremental financing decision for a sample of some 150 Dutch companies for the years 1984 through 1997, thereby distinguishing internal finance and three types of external finance: bank borrowing, bond issues and share issues. First, we estimate a multinomial logit model which...

This paper contributes to the literature on subjective well-being (SWB) by taking into account different aspects of life, called domains, such as health, financial situation, job, leisure, housing, and environment. We postulate a two-layer model where individual total SWB depends on the...

In this paper we discuss experimental evidence for two different institutional approaches to a possible resolution of the fundamental conflict between social welfare maximization and individual utility maximization. The basic workhorse for modelling this conflict is the voluntary contribution of...

In this paper I determine the importance of adjustment costs in employers hiring decisions. Temporary work arrangements offer potential ways to avoid adjustment costs. I estimate employers willingness to pay for the characteristics of these work arrangements. I distinguish regular contracts,...

We assess the monetary value of the noise damage, caused by aircraft noise nuisance around Amsterdam Airport, as the sum of hedonic house price differentials and a residual cost component. The residual costs are assessed from a survey, including an ordinal life satisfaction scale, on which...

In stated choice (SC) data inconsistent and lexicographic choice behavior is often observed. It is sometimes recommended to remove data with these characteristics from the analysis. In this paper we reconsider this recommendation. In our data many respondents have inconsistent choice patterns,...

Published in: Luigino Bruni and Pierluigi Porta (eds.), 'Economics and Happiness. Framing the Analysis', Oxford University Press, 2005.