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Accounting for WTP/WTA discrepancy in discrete choice models : discussion of policy implications based on two freight transport stated choice experiments

Masiero, Lorenzo ; Maggi, Rico

A key input in cost-benefit analysis is represented by the marginal rate of substitution which expresses the willingness to pay, or its counterpart willingness to accept, for both market and non-market goods. The consistent discrepancy between these two measures observed in the literature suggests the need to estimate reference dependent models able to capturing loss aversion by...