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Analysing Preference Heterogeneith using Random Parameter Logit and Latent Class Modelling Techniques.

Hynes, Stephen
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2005
Keywords
Whitewater kayaking, Random parameter logit, Latent class models, Preference heterogeneity, Economics
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Working Paper
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Hynes S., & Hanley, N. (2005) "Analysing Preference Heterogeneith using Random Parameter Logit and Latent Class Modelling Techniques" (Working Paper No. 0091) Department of Economics, National University of Ireland, Galway.
Abstract
Multi-attribute revealed preference data is used to investigate the heterogeneity of tastes in a sample of kayakers, in relation to eleven whitewater sites in Ireland. The paper focuses on a comparison of the analysis of preference heterogeneity using a random parameter logit model and a latent class model. We assess and contrast the evidence for the presence of a finite number of 2, 3, 4 and 5 latent preference groups (classes), and contrast these with the presence of a continuous distribution of parameter estimates using the random parameter logit model. Welfare estimates associated with changes in the attributes of particular whitewater sites are also presented, and are found to vary considerably depending on the approach taken..
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National University of Ireland, Galway
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Attribution-NonCommercial-NoDerivs 3.0 Ireland
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Economics (Working Papers)