Dear all,
I have data from a choice experiment with 120 individuals who answered from 6 sets of situations each. Each set of the situation requires from individuals to choose between two options and "opt-out " option. In each option are seven attributes, besides the distance (converted in cost).
I’m interested into obtaining the willingness to pay for each attribute. To do so, I have used the command mixlogit (available in Stata Journal Volume 7, Number 3) to fit mixed logit models. In my model, I used the Cost and Cost squared ( their coefficients are negative and positive, respectively).
The willingness-to-pay for each attribute has traditionally been calculated by dividing the attribute coefficient of the selected attribute by the coefficient associated with a price (or a cost). However, given that the utility is nonlinear with respect to price, I cannot use the traditional expression to calculate WTP values because the slope is not constant.
I calculated the Price (cost) Threshold by: CoefficientCost / (2*CoeffcientCostSquared)
My question is: How can I calculate the WTP for each attribute, given this nonlinear Function??
Thanks in advance
Fathallah Kerouaz.
Related Posts with Mixlogit: willingness to pay with quadratic costs
Does the linear dynamic panel data model exist?Good morning to the community Stata. I'm searching all existing panel data models. And I look the h…
vmatch functionDear community members, I need to match my cases with exact controls on several variables. I heard …
How to fix a missing wald chi square valueDear all, I have a question how to fix a missing wald chi square value. I have calculated xtlogit, …
Spaghetti plot 95% CIHi everyone! I have made a spaghetti plot illustrating how a measured diameter change between two t…
Estimation of GMM model with time dummiesDear Scholars/Researchers, I am still confused and would like to ask that, Is it necessary to estima…
Subscribe to:
Post Comments (Atom)
0 Response to Mixlogit: willingness to pay with quadratic costs
Post a Comment