Abstract
Policymakers have largely replaced single-bounded discrete choice valuation by the more statistically efficient repetitive method: double-bounded discrete choice and discrete choice experiments. Repetitive valuation permits classification into rational and irrational preferences: (1) a priori well formed; (2) consistent nonarbitrary values “discovered” through repetition and experience;, (3) consistent but arbitrary values as “shaped” by preceding bid level, and (4) inconsistent and arbitrary values. Policy valuations should demonstrate behaviorally rational preferences. We outline novel methods for testing this in double-bounded discrete choice experiments applied to renewable energy premiums in Chile. (JEL Q42, Q51)
| Original language | English |
|---|---|
| Pages (from-to) | 284-301 |
| Number of pages | 18 |
| Journal | Land Economics |
| Volume | 94 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - 1 May 2018 |
Keywords
- Contingent valuation
- double bounded discrete choice
- repetitive learning
- advanced information learning
- bid dependency
- theories of preference formation
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Claudia Aravena
- School of Social Sciences - Associate Professor
- School of Social Sciences, Edinburgh Business School - Associate Professor
Person: Academic (Research & Teaching)