Conventional hedonic analysis measures willingness to pay for attributes on the basis of marginal fixed costs. We argue that in many cases variable costs are also affected by these attributes and that this should be taken into account. We develop a simple model to show that the marginal...

For companies, it is essential to obtain information about customers' preferences to successfully market their products and services. Experimental auctions are a promising method for acquiring such information considering that they are incentive compatible and non-hypothetical. Their...

This paper proposes an alternative, dynamic framework for estimatingtime-varying values of travel time savings and values of schedule delay, in whichtime-preferences are represented as the time-varying excess willingness to pay(EWPT) to being in the one location, over being elsewhere. It is...

Accident costs are an important component of the external costs of traffic, a substantial part of whichis related to fatal accidents. The evaluation of fatal accident costs crucially depends on theavailability of an estimate for the economic value of a statistical life. The aim of the...

The value of travel time plays an important role in cost benefit analysis of infrastructureprojects. However, the issue of uncertainty on travel times and the implications this has forestimations of travel time values has received much less attention in the literature. In thispaper we compare...

This paper develops a novel approach to the economic evaluation of public policies: participatory value evaluation (PVE). PVE involves citizens directly in decisions of the government, taking into account governmental and individual budget constraints. Citizens receive reliable information on...

Pesticide use in agriculture poses several risks to both human health and non-target agro-ecosystems. Due to lack of information on the monetary value of reducing pesticide risks, it is difficult to perform an economic analysis that addresses social efficiency of policy and draws conclusions...

This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...

It is a common finding in empirical discrete choice studies that the estimated mean relative values of the coefficients (i.e. WTP's) from multinomial logit (MNL) estimations differ from those calculated using mixed logit estimations, where the mixed logit has the better statistical fit. However,...