Applications of Simulation Methods in Environmental and by Riccardo Scarpa, Anna Alberini PDF

By Riccardo Scarpa, Anna Alberini

ISBN-10: 1402036833

ISBN-13: 9781402036835

ISBN-10: 1402036841

ISBN-13: 9781402036842

Simulation tools are revolutionizing the perform of utilized fiscal research. during this publication, prime researchers from worldwide talk about interpretation matters, similarities and alterations throughout replacement versions, and suggest functional ideas for the alternative of the version and programming. Case experiences exhibit the sensible use and the implications introduced forth by way of the various tools.

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Extra resources for Applications of Simulation Methods in Environmental and Resource Economics (The Economics of Non-Market Goods and Resources)

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Variance of coeff. Mean of coeff. Variance of coeff. Mean of coeff. Variance of coeff. Mean of coeff. Variance of coeff. 81 The Bernstein-von Mises theorem states that, under fairly benign conditions, the mean of the Bayesian posterior is a classical estimator that is asymptotically equivalent to the maximum likelihood estimator. Also, the variance of the posterior is the asymptotic variance of this estimator. See Train (2003) for an explanation with citations. 2. 1) Attribute Price in $10,000’s Operating cost in $/month Range in 100’s of miles Electric engine Hybrid engine High performance Medium or high performance Mini car Small car Large car Small SUV Midsize SUV Large SUV Compact pickup Full-sized pickup Minivan Coefficient Mean Coefficient Std.

Monte Carlo experiments Chapters 13 and 12 are dedicated to one of the major work-horses of SMs: context-specific Monte Carlo experiments devised to explore the finite sample properties of estimators for which econometric theory provides the researcher only with asymptotic results. Riccardo Scarpa, Silvia Ferrini and Ken Willis—in chapter 13—focus on the econometrics of choice experiments in the format commonly used for nonmarket valuation in environmental economics. In this context it is customary to include in each choice set the “status quo” response option in addition to the other alternatives.

1) Attribute Price in $10,000’s Operating cost in $/month Range in 100’s of miles Electric engine Hybrid engine High performance Medium or high performance Mini car Small car Large car Small SUV Midsize SUV Large SUV Compact pickup Full-sized pickup Minivan Coefficient Mean Coefficient Std. dev. WTP Mean WTP Std. dev. 5859 by Bayesian procedures, the results can be interpreted from a purely classical perspective. 1 gives estimation results for our model in preference space with uncorrelated coefficients.

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Applications of Simulation Methods in Environmental and Resource Economics (The Economics of Non-Market Goods and Resources) by Riccardo Scarpa, Anna Alberini


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