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Asymmetric preference formation in willingness to pay estimates in discrete choice models

Hess, S., Rose, J.M. and Hensher, D.A. (2008) Asymmetric preference formation in willingness to pay estimates in discrete choice models. Transportation Research Part E: Logistics and Transportation Review, 44 (5). pp. 847-863. ISSN 1366-5545

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Individuals when faced with choices amongst a number of alternatives often adopt a variety of processing rules, ranging from simple linear to complex non-linear treatment of each attribute defining the offer of each alternative. In this paper we investigate the presence of asymmetry in preferences to test for reference effects and differential willingness to pay according to whether we are valuing gains or losses. The findings offer clear evidence of an asymmetrical response to increases and decreases in attributes when compared to the corresponding values for a reference alternative, where the degree of asymmetry varies across attributes and population segments.

Item Type: Article
Copyright, Publisher and Additional Information: © 2007 Elsevier Ltd. This is an author produced version of a paper publised in 'Transportation Research Part E'. Uploaded in accordance with the publisher's self-archiving policy.
Keywords: willingness to pay, asymmetric preferences, referencing, stated choice, discrete choice, value of travel time savings
Institution: The University of Leeds
Academic Units: The University of Leeds > Faculty of Environment (Leeds) > Institute for Transport Studies (Leeds)
Depositing User: Mrs Cassie L. Dupras
Date Deposited: 27 Feb 2009 17:04
Last Modified: 10 Jun 2014 10:34
Published Version: http://dx.doi.org/10.1016/j.tre.2007.06.002
Status: Published
Publisher: Elsevier
Refereed: No
Identification Number: 10.1016/j.tre.2007.06.002
URI: http://eprints.whiterose.ac.uk/id/eprint/7920

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