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20. August 2015

Veranstaltung

Valuation of Intangibles using Stated Choice
Methods: How to measure the unmeasurable

Termin

20. August 2015
15.00 Uhr - 16.30 Uhr

Ort

Schumpeter Hall
Mohrenstr. 58
10117 Berlin

Sprecher*innen

Prof. Juan de Dios Ortúzar, Ph.D. Pontificia Universidad Catolica de Chile

The monetary values of intangibles are important to inform many policy decisions in several fields of the economy (transport, environment, marketing, safety). We present an overview of a methodology to determine the (subjective) value of intangibles. It considers a state-of-the art experimental design; careful survey design and data collection about both revealed preferences (RP) and stated choices (SC) of individuals. We use this data to estimate flexible discrete choice models mixing RP and SCdata, capable of handling:

  • multiple individual responses,
  • variations in individual tastes (heterogeneity) and
  • correlation among alternatives.

 

Based on these models we derive willingness-to-pay (subjective values) for all attributes considered in the experiment.

In this presentation we refer to four different cases associated with estimating the subjective values of:

  • reducing the risk of fatal and non-fatal accidents,
  • reductions in noise and atmospheric pollution,
  • reducing the feeling of insecurity when walking in poor neighbourhoods, and
  • reducing community severance caused by urban infrastructure.

 

We refer to the importance of the study context, selection of attributes and payment mechanism. The monetary values of intangibles are important inputs for cost-benefit-analysis. The flexibility of the methods allows to elicit values for different population subgroups, different settings or different risks in the case of safety. We end-up with a final warning about the actual transferability of results to other countries and/or cultures.

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