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Università della Svizzera italiana

A comparison of prospect theory in WTP and preference space

Rose, John M. ; Masiero, Lorenzo

The importance of willingness to pay (WTP) and willingness to accept (WTA) measures in the evaluation of policy measures has led to a constant stream of research examining survey methods and model specifications seeking to capture and explain the concept of marginal rates of substitution as much as possible. Stated choice experiments pivoted around a reference alternative allow the...

Università della Svizzera italiana

Analyzing loss aversion and diminishing sensitivity in a freight transport stated choice experiment

Masiero, Lorenzo ; Hensher, David A.

Choice behaviour might be determined by asymmetric preferences whether the consumers are faced with gains or losses. This paper investigates loss aversion and diminishing sensitivity, and analyzes their implications on willingness to pay and willingness to accept measures in a reference pivoted choice experiment in a freight transport framework. The results suggest a significant model fit...

2 results 1