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- Title
APPLICATION OF STOCHASTIC CHOICE MODELING TO POLICY ANALYSIS OF PUBLIC GOODS: A CASE STUDY OF AIR QUALITY IMPROVEMENTS.
- Authors
Loehman, Edna; De, Vo Hu
- Abstract
The article demonstrates the applicability of the stochastic choice method for the purpose of performing policy analysis of changes in public goods using survey data. Although air quality control policies have been analyzed here, the methods used are also applicable to other public good valuation problems given the appropriate model of choice and choice data. The policy problem studied here involved relatively simple choices between changes in a public good and disposable income, more complex tradeoff situations with tradeoffs among several public goods could also be analyzed with a properly designed survey. A survey can provide a public forum in which preferences about public goods are revealed. Though not widely used by economists as a source of information, surveys may be considered as a potential source of choice and preference information when market data or election data are not available. To implement the method given here for analysis of public good issues, economists will need to work closely with psychometriciaris in order to develop appropriate survey instruments.
- Subjects
SOCIOECONOMICS; STOCHASTIC analysis; ECONOMETRIC models; POLICY analysis; CHOICE (Psychology); ECONOMIC policy; COMMERCIAL products; ECONOMIC surveys; AIR quality; PUBLIC goods; CONSUMER preferences; PSYCHOMETRICS; ECONOMICS
- Publication
Review of Economics & Statistics, 1982, Vol 64, Issue 3, p474
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/1925946